Sometimes, people make bad financial decisions that can have long-term negative impacts. If that isn’t bad enough, sometimes those impacts can go south in a hurry.

If you’re someone who has had financial trouble and starts getting LVNV Funding notices and listings on your credit report, you aren’t alone. Here’s what you need to know about this collection process, your rights, and how to get LVNV Funding removed from your credit report.

What is LVNV Funding?

LVNV Funding is a very successful— if infamous— business organization. Based out of Las Vegas, Nevada, this credit procurement company purchases debt from lenders and loan officers. As a result, the money you once owed on your overdue loan or phone bill becomes their debt to collect.

Many people have reported LVNV Funding approaching the problem in various ways. Some consumers have said that LVNV Funding appeared on their credit report, but subcontracted other debt collection services to solicit them to pay. Others have received direct calls from the organization, and some have been immediately sued for the debt. These variances likely depend on the individual situation.

Regardless of the approach, the LVNV Funding stamp on a credit report is now viewed as the death omen of the credit world. On the bright side, their notoriousness has a lot of people sharing how to get out of a sticky situation.

Starting a Dispute

When you borrow money, you have a legal right to dispute anything that you deem unfair or unsavory. That doesn’t mean that your dispute will be approved, but it’s better than nothing. 

With a service like LVNV Funding, your chances are often good based on how they procure debt from other collectors. In many cases, they don’t have a clear profile of where the original debt came from or what it was for. They might be lacking that original contract that you signed when you borrowed money. In other words, there are loopholes that can work in your favor.

The first step is to file a debt validation letter requesting proof that the debt in question is yours. If the agency doesn’t have a written contract or proof that the debt they’re trying to collect is attached to you and within the statute of limitations on collections. It’s advised that you start this process immediately, as LVNV Funding tends to escalate things quickly.

To streamline your efforts, consider using credit repair software. These tools can send written letters to both LVNV Funding and the credit score companies to streamline the process and help you remove collection accounts. 

Knowing Your Rights

It’s important to know your legal rights as you go through the dispute process. Through the Fair Debt Collection Practices Act (FDCPA), there are limitations to how far a creditor is allowed to go when pursuing a debt. 

For example, making threats or calling at unreasonably early or late times are violations of the FDCPA. Creditors aren’t allowed to harass you at work if you’ve instructed them not to (via a written letter), and you aren’t legally obligated to speak with subcontractors the debt agency has hired to call you.

Knowing your rights not only sets you up to protect yourself from predatory practices but can also set a foundation for countersuing LVNV Funding.

Best Practices for Communication

The best way to communicate with LVNV Funding and the credit score companies throughout this process is via registered mail. This creates an official paper trail that protects you as you build a case. When choosing dispute software, be sure to use a system that allows you to print and send paper copies of the letters you need.

Keep a timeline of your communications with the collections agency. Write down when they call, things they said, the actions you took, and when. In most cases, LVNV Funding will back off quickly once you take a proactive approach to getting them off your back.

Don’t fall victim to predatory practices that could impact your finances for years to come. Know your rights and fight for them.