Credit Report Disputes & LVNV Funding

[Angel]

I was preparing to send out around of dispute letters to the CRAs but all of a sudden..LVNV Funding shows up on my reports and it's reporting with the same acct# as HSBC/BSBUY...LVNV is reporting open...120 days or more past due on EQand on EX they are reporting it as closed seriously past due date. WTF is going on? Are they allowed to report the account twice? And why are they reporting current saying that the open date was 2/1/09 and HSBC reporting open date as 08/2007? I heard alot of negative stuff about how shisty LVNV is..what should I do next? 1 2 punch somebody......physically!!! Seriously...I need help and now I feel stuck at a standstill...their entry made my score drop!



Account Name: HSBC/BSBUY HSBC BEST BUY HSBC/BSTBY
Account Number: 27XXXX 169607-215357XXXX 70212721XXXX
Acct Type:Revolving Charge Account Revolving or Option Revolvingaccount
Acct Status: Closed Closed
Monthly Payment: $62.00
Date Open: 8/1/2007 8/1/2007 8/9/2007
Balance: $0.00 $0.00
Terms: Revolving
High Balance: $709.00 $709.00 $709.00
Limit: $0.00 $500.00
Past Due: $0.00
Payment Status: Account transferred to another office At least 120 days or more than four payments past due 120 days past due
Comments: Transferred to another lender or claim purchased
ACCOUNT TRANSFERRED OR SOLD
CHARGE
Purchased by another lender

Here's LVNV Funding entry....

Account Name: LVNV FUNDING LLC LVNV FUNDING LLC
Account Number: 702127215357XXXX 702127215357XXXX
Acct Type:Extension,Review,OrCollection Open Account
Acct Status: Closed
Monthly Payment:
Date Open: 2/1/2009 2/1/2009
Balance: $717.00 $717.00
Terms: 1 Month
High Balance: $709.00
Limit:
Past Due: $717.00 $717.00
Payment Status: Seriously past due date / assigned to attorney, collection agency, or credit grantor's internal collection department .......... At least 120 days or more than four payments past due
Comments: COLLECTION ACCOUNT



THESE PPL ARE KILLING MY SCORE!!!! What next? someone help!

[Trish]

Ok, a debt can be reported twice....if one is the OC and one is the CA........but only one can report a balance. The OC usually changes it to zero balance once the acct is sold/transferred to the CA.

Now, I do see some violations by LVNV (and yes, they are crooks and they violate laws constantly)

A collection account CANNOT be reported as an open account (under type)

They can't list Terms as 1 month - you don't have any "terms" with them unless you have some sort of agreement or contract.

You also can't be "past due" on an account you've never paid on......that's a violation too.

I also don't believe they can report a high balance (not sure on that though.....would need to check)

120 days late is BS too. You can't be late on a CA account unless you have terms or an agreement with them.

So, yes.....you should do a 1 2 punch with them. Be sure when you dispute the TL with the CRAs that you hand write it.......and list EVERY item in the TL you're disputing. Don't worry about saying they are violations......just dispute them as inaccurate.

Oh and the date open is usually the date the CA acquired the account.......so that is why it is showing a more recent date than the OC.

HTH

[Angel]

1 2 punch LVNV, HSBC or both of them?

[jjgross]

[QUOTE=Trish;23310]Ok, a debt can be reported twice....if one is the OC and one is the CA........but only one can report a balance. The OC usually changes it to zero balance once the acct is sold/transferred to the CA.

Now, I do see some violations by LVNV (and yes, they are crooks and they violate laws constantly)

A collection account CANNOT be reported as an open account (under type)

They can't list Terms as 1 month - you don't have any "terms" with them unless you have some sort of agreement or contract.

You also can't be "past due" on an account you've never paid on......that's a violation too.

I also don't believe they can report a high balance (not sure on that though.....would need to check)

120 days late is BS too. You can't be late on a CA account unless you have terms or an agreement with them.

So, yes.....you should do a 1 2 punch with them. Be sure when you dispute the TL with the CRAs that you hand write it.......and list EVERY item in the TL you're disputing. Don't worry about saying they are violations......just dispute them as inaccurate.

Oh and the date open is usually the date the CA acquired the account.......so that is why it is showing a more recent date than the OC.

HTH [/QU:pOTE]Trish i was wondering if their reporting a high balance is that the same as reporting a balance because if they report a credit limit of 2500 and a high balance of 3500 that would show a lender that you were over the limit and probably not going to pay it?

[Trish]

Yeah.....I don't know. High balance and the CL reported affect scores.......and sometimes CAs will do everything they can to tank your score. So I wonder if that is just their way of making it as bad as possible.

[Angel]

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1 2 punch LVNV, HSBC or both of them?

[Trish]

Originally Posted by Angel

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1 2 punch LVNV, HSBC or both of them?

A 1 2 punch is only meant for a CA. So, just 1 2 punch LVNV.
For HSBC, since they are an OC........you can still dispute them with the CRAs if you want to.

Now one thing to keep in mind.......is by doing a 1 2 punch, since you are sending the CA a DV you are asking for proof of debt. If, by chance, they do come up with proper validation.......you may need to set up a payment arrangement with them or they could possible sue you.
Honestly, since it's that recent of a debt........they should have the proper validation (or be able to get it from the OC) but I kinda doubt they are on the ball enough to do it. PLUS they are constantly violating laws......which would be a huge advantage to you.

ONE violation is worth up to 1K and since your debt isn't even worth that much, you may be able to get rid of them easily.

I just want to give you the pros AND cons before you send them anything.