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Lvnv Funding Collection Agency Is Harassing Me About a Debt Giving Me Bad Credit

If you have Lvnv Funding on your credit report or are getting phone calls and written letters from them they are trying to collect a debt. You may have gotten legal papers from them about a lawsuit, they have been known to seek a judgment against individuals.

Who Are They

Lvnv is a third party debt collector. They will buy debt accounts from retailers such as the Sears charge card, or we have also heard they collect on many defaulted auto loans. They are headquartered in Evansville, Indiana.

Lvnv may also have gotten your debt account from another collection agency. In the debt industry there are some collectors that are called junk debt buyers. This means Lvnv may have bought your account from another collection agency that wasn't able to collect payment.

What Can They Do

They will probably start by contacting you through phone calls and written letters. However you may not recognize the debt because it has likely ballooned through default interest rates, penalty fees, and did you know collection agencies can also add charges on your bill for their collection attempts?

Next they will quickly create some bad credit on your credit report and continue to contact you. However they do and have used the authority to file a civil lawsuit against you for the debt.

This can potentially be a judgment for the debt against you and your wages or earnings through work could be garnished to repay this debt. Further, a judgment is one of the worst items to have on your credit file and will certainly ruin your credit rating.

How Can They Sue Me?

With the original lender for example when you got your Sears credit card, when you filled out and signed the application in the fine print you gave them permission to sue you. All financial contracts are set up this way however unless it is typically a sizable debt you don't have to worry about legal action. However be warned and aware it has happened with debts of all amounts, so keep an eye out.

Last thing Lvnv can do is sell your debt to another collection agency. This new collection agency now has the power to sue you, they will contact you about payment, and they also will report bad credit on your credit file damaging your score even more.

You should also be aware that it is a common collection agency tactic to try and report bad debts for longer than the legal maximum seven years. Frequently when a debt collector purchases a debt they feel they have seven years to report that as a bad debt from their date of purchase. However the law says that the seven year time limit begins from the moment you miss your first payment with the original lender.

Two Things You Should Consider and Require Before Acting

1. Statue of limitations - what is the real age of this debt? Is it a credit card account that is six years old? You can dispute and get the credit bureaus to investigate this negative item on your report once seven years expires, and they can erase if from your credit history after that time.

2. Request Debt Validation - this requires the debt collector to show you the documents that say they legally own your account. It is not uncommon for collection agencies to be unable to furnish this proof and if that is the case then you don't have to pay the debt!

We encourage you to pay attention to this issue. It would be a very unfortunate event if all of a sudden you had a judgment against you and your paycheck was getting garnished! Moreover in these new lending days your credit has never been more important!

About Author Jacobey Larstons :

For a free credit consultation call 1-800-483-0256 or visit us for more about lvnv funding <a href=";id=119&amp;cid=42" target="_blank">;id=119&amp;cid=42</a>

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Article Added on Sunday, November 18, 2012
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