vankat

Lvnv

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so as to not hijack another thread:

has anyone sued a jdb like lvnv on a timed barred debt? yes i know the difference between sol for credit reporting and sol for bringing suit on a debt. yes, the debt is mine, but the law says they had 4 years to sue me for it and they didn't. the law also says that they must report correctly which they aren't.

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reporting it as an open installment tl instead of a collection.

This question comes up from time to time. My best understanding is that is is more a thing with the way the CRA translates and displays the data than it is the way the data furnisher presents the data to the CRA.

Seems I recall that a 3rd party collection agency reports the tradeline as a collection account. But a debt buyer is not a third part collection agency -- they own the debt and it reports more like an original creditor would report. Again, I think this is mostly how the CRAs define the tradeline.

If I were you, I would call the CRA where the tradeline is reported "wrong" and ask why it is reported as a installment account instead of a collection.

I am not aware of any lawsuits over this matter. But, that does not mean there have not been any. Have you read the FTC FCRA opinion letters? There might be something there.

To my belief, the most expert person here on FCRA is Anthara (might be spelled Anhtara -- I can never get it right). You might try a PM.

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I'm actually curious about this myself.

I had some collection accounts on my CR that have since been paid but they were reporting as "Account type: Open" and it was a JDB.

Some collection accounts were reported as "account type: collection" so if that's a reporting option, I don't see "open" as being an appropriate listing.

What's interesting is that some CRAs reported the account type as closed while others reported open.

It also appears that an "open" account type will show as available credit being used.

Would love to see some more info on this, I read through the case linked in the other thread but it seems more applicable to that specific situation than a broadly applied ruling.

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I have called Trans Union specifically, and they couldn't give me any answer except the standard "you need to call the company reporting". I have a collection that is showing a collection. I also have LVNV reporting as an open installment that is factoring into my balances and available credit. Both are reporting totally different, so it seems that there is a "correct" way to report what is truthful. Both companies bought the debt, so it isn't a matter of an assignee reporting differently than a debt buyer. I have read the FTC opinion letters, and there's some good stuff there regarding a debt collector being a debt collector and NOT a creditor.

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Just received a response from the BBB of Upstate South Carolina regarding LVNV's/Resurgent's response to them.

As of the date of this letter, Resugent Capital Services has closed this account. Vankat will no longer contacted by Resurgent or any of its affiliate companies regarding this debt. Additionally, the three major consumer reporting agencies will be instructed to delete the LVNV trade-line during the next reporting cycle. We would like to apologize for any inconvenience experienced due to the collection of this account.

Yahoo!! I guess they would rather delete than report truthfully. Thanks to this board and others, I would never have thought of contacting the BBB to help with JDB's like these guys. :woot:

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Absolutely!! I know how to handle them this time around, although it won't be one of their affilates according to their letter. I used to be afraid of collection letters, but not now, as long as I dv them on their first communication I feel totally confident! This account is out of the sol so I'm not worried at all. Thanks to all who know their stuff and help to educate the uneducated. I want to note that I still have a ways to go, but I have learned my lesson on how to manage credit and am commited to keeping it all under control. :)++

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Hi Vankat,

Do you have the letter (template) you used to send to BBB re:LVNV. I am in a similar situation and need to send a letter to BBB and AG.

That's good news!!! I too would love to know what you said to the BBB. I want to file a compalint agaisnt Asset and the LVNV family.

Thanks.

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