Suffering from poor credit health and having trouble getting a debt collection company off your credit report? If the company in question is LVNV Funding, read on to learn how you can handle it and keep it off your credit report. Since LVNV Funding buys portfolios of domestic and international consumer debt owned by various banks and finance companies and debt buyers, your name appears on each consumer’s credit report to indicate the new owner of the debt.
Once LVNV Funding buys the debt, it hands it over to another company, Resurgent Capital Services LP (Resurgent), which specializes in handling these types of consumer assets. Resurgent manages domestic and international consumer debt portfolios for debt buyers and provides the services necessary to care for these accounts on your behalf. Resurgent may or may not be directly involved in recovery activities. Sometimes, it outsources such activities to licensed collection agencies that specialize in debt recovery.
So whether it’s Resurgent or the licensed agency calling you about your debt, ultimately it’s you who has to go through the painful and embarrassing ordeal of answering their calls and resolving the matter. Your first priority should be to remove LVNV Funding from your credit report before it ruins your credit standing in the marketplace. You can choose to dispute the listing by sending a dispute letter to the credit bureaus. The credit bureaus, in turn, will investigate the matter to see if the details of the debt are valid.
You should understand what is being reported about your credit and take the necessary action immediately. While you may make the payment and pay off the loan, it may not necessarily remove negative marks from your report. Therefore, if you plan to pay off the debt, make sure that LVNV Funding promises you in writing that negative comments will be deleted after payment. Hiring a credit repair service would be a great option if you have too many negative comments on your credit report or have a low credit score.