If you have LVNV on your CR - READ THIS!!!

[insomniac]

I'm really of the opinion, that LVNV want to play hardball & a court confrontation is probably inevitable. I want it to be on 'their dime'.

Me too. I know the day will come for me, and I have a NACA attorney on speed dial.

[Credithis]

Pardon me for copying/pasting from a couple of LVNV threads I posted about, I don't want to type over again.

I'm using a generalization here. Whether we like it or not using the factoring notation is not illegal and they can do this. There are better ways to attack them. Tying together the multi-headed hydra is one way. If you can show/demonstrate collusion between their many company shells in complaints to the proper authoritities, then this makes the job of sueing them or defending against them easier. Essentially you want to make the "sum of its parts" the "whole" as an entity for any type of litigation.

From my post on Creditboards:

http://creditboards.com/forums/index.php?showtopic=360162&pid=3372695&st=0entry3372695

Well, there is a way to use South Carolina's own credit laws which BTW, mirror the FDCPA. File a complaint with the Administrator of the SC Dept. of Consumer Affairs. This gets their attention. Report the know linkage between LVNV, Resurgent, Sherman, Credit One, et al. I believe this is also obligatory anyway.

http://www.debt-collector-problems.com/Sou...ctices-Act.html

Now, here is the section to write them up about, one which will give them pause:

(d) causing or threatening to cause injury to the consumer's reputation or economic status by disclosing information affecting the consumer's reputation for creditworthiness with knowledge or reason to know that the information is false; communicating with the consumer's employer before obtaining a final judgment against the consumer, except as permitted by statute or to verify the consumer's employment; disclosing to a person, with knowledge or reason to know that the person does not have a legitimate business need for the information, or in any way prohibited by statute, information affecting the consumer's credit or other reputation; or disclosing information concerning the existence of a debt known to be disputed by the consumer without disclosing that fact;

Oh, of course make a copy of this complaint to the SC AG and let the Sherman dysfunctional family know this. This worked wonders for me. 'Course I like giving em hell. My alledged debt is 13 years old and they did the usual pass it around to different CA's, I skipped them after the first and sent a DV directly to LVNV with Resurgent's name on it also and the term all Sherman's companies. I let em know up front I'm dead serious. Oh, forgot, also sent it to their SC registered agent.

Now, here is the SC's Dept of of Affairs authority:

Again, go here and download the form, fill it in with all the particulars, send it back to the SC Dept. of Consumer afffairs, make two copies of that complaint and mail them CMRR to Sherman and the SC AG.

http://www.scconsumer.gov/complaint_services.htm

STATUTES ENFORCED BY SCDCA: http://www.scconsumer.gov/legal/statutes.htm

Athletic Agents & Student Athletes Section 59-102-10 et seq.

Continuing Care Retirement Communities Section 37-11-10

Credit Grantor Notification and Fees Sections 37-6-202 & 209

Maximum Rate Schedules (Filing and Posting) Loans - Section 37-3-305

Maximum Rate Schedules (Filing and Posting) Sales Section 37-2-305

Mortgage Loan Brokers Act Section 40-58-10 et seq.

Motor Club Services Act Section 39-61-10 et seq.

Motor Vehicle Express Warranties Section 56-28-10 et seq.

Pawnbroker Section 40-39-10 et seq.

Physical Fitness Services Act Section 44-79-10 et seq.

Prepaid Legal Services Section 37-16-20 et seq.

Prizes and Gifts Act Section 37-15-10 et seq.

Remedies & Penalties Limitations on Creditors' Remedies Sections 37-5-109, 110 SC Consumer Protection Code - Title 37

Staff Leasing Services Section 40-68-10

Telephone Solicitations Section 16-17-445

Unfair Debt Collection Practices Act

Unconscionability Section 37-5-108

Again, I'm tired and want you to realize that SC does have the basics of the FDCPA incoded into its leagal system.

You have to tie the multi-headed hydra together in your complaint, as I told one person demonstrating "collusion" amongst its parts to make the "whole" liable in any suit against them or in defense.

I did this for myself and a good friend. Sherman gets very antsy and defensive when this is done and actually stumbled all over itself to drop the matter to our satisfaction. They DO NOT want to be tied together even though someone made them start including a list of Sherman companies included in every dunning letter sent by their CA's.

Again, start by using SC's own debt collection remedies built in it State laws.

[LUEser]

Creditthis, you're truly being an asset to this forum in this matter. Thank you.

Here's a hypothetical situation though, where I think some clarification is needed.

The legality of factoring notation.

Let's just say, for craps and giggles, that the "factoring" occurs like this:

Debt is sold off to someone in Sherman, but not directly LVNV. Maybe Sherman Financial, Maybe Resurgent Capital Services. They, in turn "sell" the debt to LVNV to be factored.

That's legitimate factoring I believe, if the companies are not under the same corporate umbrella.

But if they are, (and someone familiar with FDIC rules and regs. chime in here if you can), are they entitled to factor 1) collection accounts and 2) accounts from a sister company?

Would that be covered under unfair and deceptive trade practices?

Conflict of interest?

I'm a loss on this one.

We all know there's a business connection. But how can we prove that they're is some kind of common corporate ownership?

[Credithis]

Lets go over to Debtorboards and ask E. Normis, post this question about factoring with E. Normis in the title along with factoring.

He is one sharp Consumer Attorney, unfortuneately he will not post here as methuss attacked him, a loss to us all.

Post it and I'll follow up there with questions.

[hendu]

Lets go over to Debtorboards and ask E. Normis, post this question about factoring with E. Normis in the title along with factoring.

He is one sharp Consumer Attorney, unfortuneately he will not post here as methuss attacked him, a loss to us all.

Post it and I'll follow up there with questions.

I'll be following this one!!!!!

[Credithis]

Heh, that post is for LUSer to start over at Debtorboards. I'm going the "strange" mile and have posted it over at Insidearms.com. E. Normis does keep both sides of the fence hopping as far as the law is concerned, feel free to post over there,

Heres my post: http://www.insidearm.com/forum/messageview.cfm?catid=11&threadid=7579&enterthread=y

Feel free to chime in, however, please, this is their forum. Do not incite a riot or cause problems there. The Site does give much needed invaluable info into the working of the other side. They can and have banned posts and users. They do respond well to polite arguements.

[LUEser]

Credithis, I've read the post, and I'm doing some research. E. Normis didn't have much to say other than a general if 10 million people are doing it, then it must be right. I tend to disagree, I only have to find out why in the letter of the law. FDIC regs are a B**** to read through...

[Credithis]

E. Normis I've followed from about 4 years ago. He loves to point out the pitfalls to both sides. He is dead right on everything I've seen. Centex is another Attorney usually posting on creditboards or infinitecredit that I respect. Take the time to research his postings on debtorboards...., you will see he cuts no slack one way or another as long as it is the way of the law.

LUEser, Guy (or Gal), I'm with you 100%...., let the Pro's with the real knowledge give it to us. All we need to do is ask the questions and listen/query again. That guy Jim though, I've read many of his posts, need an even bigger flyswatter.

[nascar]

Before this thread barrel-rolls out of control, we need to point out the fact that purchasers or assignees of delinquent debt are not factors. They can call themselves whatever they want but in terms of FCRA reporting, buyers of delinquent debt are reporting incorrectly if they refer to themselves as factoring companies.

E-Oscar offers seven different categories of business types from which to choose. Data Furnishers are supposed to, when registering, accurately identify themselves as one of the seven. They choices are;

1) Collection Agency

2) Debt Purchaser

3) Factoring Company

4) Family - Child Support

5) Student Loan

6) Mortagor (Lendor)

7) Credit*

*The Credit designation is to be used when more than one of the above apply to the same furnisher.

[hendu]

Before this thread barrel-rolls out of control, we need to point out the fact that purchasers or assignees of delinquent debt are not factors. They can call themselves whatever they want but in terms of FCRA reporting, buyers of delinquent debt are reporting incorrectly if they refer to themselves as factoring companies.

E-Oscar offers seven different categories of business types from which to choose. Data Furnishers are supposed to, when registering, accurately identify themselves as one of the seven. They choices are;

1) Collection Agency

2) Debt Purchaser

3) Factoring Company

4) Family - Child Support

5) Student Loan

6) Mortagor (Lendor)

7) Credit*

*The Credit designation is to be used when more than one of the above apply to the same furnisher.

Well how can we get LVNV on that factoring violation? I even complained to the BBB and they had nothing to say about that.

[Credithis]

Nascar, this is the item I want crystal clear interpretation as far as the law goes. To my knowledge looking at this realistically there is no definitive definition of factoring as far as the law is concerned with reporting except some (Wikki) that explain it, not the legalistics involved as far as the law goes. Nothing is set in law or stone that would prohibit it being applied to any obtained or purchased item. Hey, I'm 200% Consumer, I simply don't want the various forums blindly following advice only to get the proverbial rug pulled out from under 'em.

Thats why I started the thread on Insidearm and hope LUEser will pursue on debtorboards. E. Normis and other will chime in and hopefully put this puppy to rest.

[LUEser]

Still no consensus on IA, and I'm not so sure I buy into the opining of CB.

So far no one has been able to answer what laws regulate factoring companies, and my browsing through the FDIC rules hasn't turned up anything of value.

Will continue to search I suppose.

[fatboy]

Isn't a factoring company,a company that buys current receivables from a business for a percentage of the total to help cash flow for the business. Factoring Companys do not buy past due or charged off accounts as they are not colletions for bad debt,only current debt.

[nascar]

Isn't a factoring company,a company that buys current receivables from a business for a percentage of the total to help cash flow for the business. Factoring Companys do not buy past due or charged off accounts as they are not colletions for bad debt,only current debt.

That is the definition used by the banking world and just about everyone else except debt collectors, who have pirated the term because noting an account as such does more damage to credit scores than simply noting them as collection accounts.

[MillerFam]

Still no consensus on IA, and I'm not so sure I buy into the opining of CB.

So far no one has been able to answer what laws regulate factoring companies, and my browsing through the FDIC rules hasn't turned up anything of value.

Will continue to search I suppose.

LUEser as you know I am practically in the same boat you are with LVNV. I am also batteling the "Factoring Company" issue. Check this link out (if you have not already) there is a vast ammount of info here. I read and researched for hours. it really breaks it down.

http://creditboards.com/forums/index.php?showtopic=126422&hl=Factoring+mother+thread

[LUEser]

Yeah, I've read that, but none of it is really substantive enough to make me comfortable enough to bring it up as a sole violation in court.

I have been able to gather some arcane stories about how it is one of the things that the Sherman Hydra tends to shy away from, but it's only strong if you have other solid violaitons. So again, I'm still undecided about the issue.

[HadEnough]

If there isn't a very clear statute, regulation, or at least, judgement defining

the point - then it is not a point I'd want to rely on in court.

Personally, I think that a class action suit against LVNV will probably be where the definition of Factoring vs. JDBs is decided.

Anything concerning credit now a days will be a political issue and that has to be taken into consideration as well. LVNV is probably a big contributor to the SC budget, as well as to SC politicians' campaigns, ect., Heh.

[nascar]

LVNV is probably a big contributor to the SC budget, as well as to SC politicians' campaigns, ect., Heh.

That might be why (despite their reputation for sidestepping the law) they've not been disciplined by the SCDOA. Go figure.

[HadEnough]

That might be why (despite their reputation for sidestepping the law) they've not been disciplined by the SCDOA. Go figure.

Don't know if you grew up in the deep South, as I did. My brother practices law there. But I'm sure know about, 'the good ol boys'. There's no way this national

slimeball outfit is located where it is for no reason.

[catzNdogz]

Hi all I've been a member here for a while but have never posted. I can relate to all of the trouble folks are having with CA's as I've had one default judgement (live and learn, I paid it) and been sued twice since. I settled the first but fought back on the 2nd and they went away ! Score one for me ! This after years of being harrassed by CA's at home and at work. I learned the hard way that you MUST fight back and these cowards will often back down. My advice: deny deny deny !!!! not mine not mine not mine !

I have one remaining negative on my credit report and it happens to be good old LVNV. It shows up on Experian as a negative but closed account. It's pretty much a sleeping dog that I've let lie in hopes that it will go away. I live in NY so I'm expecting this to drop off my credit report this fall. Am I correct in thinking after 7 years it will go away ? I read somewhere (maybe here) that the clock on SOL starts 180 days after the first delinquency. Any truth in that ? I was hoping it would drop this year, but I guess I can wait a few more months. I haven't put much effort into getting rid of it as I didn't want to rile them up. I was able to get a mortgage, new car loan and a new credit card with it sitting there.

Below is what it looks like on Experian. I'd appreciate comment from those of you that have dealt with these #)*&@)$@&*

Negative Accounts

Closed Accounts

Account Name LVNV FUNDING LLC

Account Number 111111111111XXXX

Date Opened N/A

Balance $26,758

Date Reported 05/01/07

Past Due $26,758

Account Status COLLECTION ACCOUNT

Credit Limit $0.00

LVNV FUNDING LLC

PO Box 10584

Greenville, SC-296030584

(866) 464-1183

Account Number: 111111111111XXXX

Current Status: COLLECTION ACCOUNT

Account Owner: Individual Account

High Credit: $17,030.00

Type of Account : Open

Credit Limit: $0.00

Term Duration:

Terms Frequency:

Date Opened:

Balance: $26,758.00

Date Reported: 05/01/07

Amount Past Due: $26,758.00

Date of Last Payment:

Actual Payment Amount: $0.00

Scheduled Payment Amount: $0.00

Date of Last Activity: N/A

Date Major Delinquency First Reported:

Months Reviewed: 1

Creditor Classification: Financial

Activity Description: N/A

Charge Off Amount: $0.00

Deferred Payment Start Date:

Balloon Payment Amount: $0.00

Balloon Payment Date:

Date Closed:

Type of Loan: Factoring Company Account (debt purchaser)

Date of First Delinquency: 08/01/02

Comments: Consumer disputes - reinvestigation in progress,

Consumer disputes this account information

81-Month Payment History

No 81-Month Payment Data available for display.

[cbairey]

a creditor has to pass the 180 day mark, before "charge off" , then its on your report from that date , thats the 7+180= 7years 5 months.

looks like 1-10 should fall off

[7pak]

I have LVNV on my report. Sent DV certified mail/RR to address on CR which was in tx. It was returned as not being able to deliver, check address and resent but with the same results and disputed with CRA, this time LVNV updated my CR with a new date and amount but I noticed on the dispute results a different address, one in N.C. but when I looked at the updated CR with the new amount and date on it it still had the address in TX. Anyone have ideas on what to do next?

[moonwife]

A couple of questions

If they are flagrantly violating the regulations, can't you just write to the CRA and say "Hey, LVNV is reporting in violation of the law, so remove it"???

My LVNV story is just starting I guess..........

My husband has a Sears card and a Best Buy card that are both written off by the OCs. LVNV lists them with the same account number as the OC has, inflated amounts due, and with different dates, I assume these have been re-aged to extend. They are both out of the SOL for my state.

Why can't I just have them removed based on the fact that there are violations (re-aging, same account number, etc etc)?

I DVd them recently so we'll see where that goes.

[LUEser]

Moon, you're on the right path as long as you DV'ed timely. As far as the reporting goes, familiarize yourself with the FCRA as it's a totally different fruit than the FDCPA and DVing won't do much in terms of getting it off your CR.

I'd suggest disputing it with the CRAs along with the DV that way you're hitting them with two stones. For Debt colletion purposes LVNV uses several companies to collect and likes to act as a shell company for the accounts receivable. So they try to get around the debt collector. However, we've show many a time on this forum that buying an account in delinquency makes you a debt collect, even if for banking purposes you're also a factoring company.

It's slave master doctrine, the slave (contracted company I.E. Resurgent etc) gets punished for LVNVs doings. But LVNV is still a creditor for FCRA purposes, so dispute with the CRAs first then 623 LVNV (most likely through Resurgent since they share an address) after the dispute comes back if it's not deleted with a first dispute. If it is deleted, you can dispute the Sears TL too and 623 them if they don't delete. In any event, only one company can report and if LVNV wants to do it, then Sears can't and vice versa.

Hope that helped.

[ping]

according to the law, your 623 dispute has to go to the address listed on your credit report.

However, LVNV funding is located in the BOA building in charleston

Along with all the other Sherman Financial Group Subsidiaries.

( from the Nevada SOS corporation filings)

so you could "CC" this address with the dispute.

Kevin Branigan, Manager

LVNV Funding

STE 206

200 Meeting Street

Charleston, SC. 29401