Table of Contents
What is LVNV Funding LLC?
LVNV Funding buys and owns debts but uses Resurgent Capital Services, another Sherman Financial subsidiary, to actually collect them. Resurgent Capital Services, in turn, may collect through one of their affiliated collection agencies. 3
What is LVNV Funding LLC Credit One Bank?
Credit One Bank is a credit card issuer and a fellow subsidiary of Sherman Financial Group. You may see debt items listed as “LVNV Funding LLC Credit One Bank” if you owe debt on a credit card issued by Credit One.
Debt items related to LVNV Funding may appear on your credit report as:
- LVNV Collections
- LVNV Funding LLC Credit One Bank
- Resurgent Capital Services
- Resurgent Capital Services, LP
Who does LVNV Funding LLC collect for?
LVNV purchases debt from lenders of personal loans, especially credit card loans. 3 Credit One Bank is their most significant client. (LVNV Funding doesn’t list their clients on their website, but their relationship with Credit One Bank is verifiable through a number of publicly accessible court cases, and as mentioned, both are owned by Sherman Financial Group.) 4 5 6
Is LVNV Funding LLC a scam?
No, LVNV Funding is not a scam. LVNV Funding and Resurgent Capital Services are legitimate organizations and have both been certified by the Receivables Management Association International (RMAI) since 2014. 7
However, although both companies are legitimate, they have also been subject to several major lawsuits. 1 For instance, in 2020, the New Mexico Attorney General sued LVNV Funding as a part of Operation Corrupt Collector, an initiative by the FTC and CFPB to tackle abusive debt collection practices. 8
Because Resurgent Capital Services manages LVNV Funding’s debts, you will need to contact them if you’ve received calls or letters about a debt. You can check if you owe the debts they claim you do by contacting Resurgent Capital directly.
VIDEO: LVNV Funding LLC in 2 Minutes—Fix Your Credit Report & Know Your Rights
How to stop LVNV Funding LLC from calling you
LVNV Funding LLC will call, email, or mail you if they believe you have an unsettled debt. The reason debt collectors like these are calling you is simple—they want to pressure you into paying up.
Unfortunately, LVNV Funding LLC representatives will keep trying to contact you unless you pay the debt, prove that it doesn’t belong to you, or reach an agreement with them (or with your original creditor).
Don’t ignore debt collectors like LVNV Funding LLC—in the end, you may get sued, and you may even have your wages garnished. It’s smarter to engage with them tactically to ensure you don’t have to pay, or that you get the best deal you can.
To begin, you can get LVNV Funding LLC to stop calling you—at least temporarily—by sending them something called a debt verification letter.
Send a debt verification letter
A debt verification letter is a formal request that obligates a debt collector to provide further evidence of a debt. You must send it within 30 days of them first contacting you. Note that LVNV Funding LLC should have sent you a debt validation letter proving you owe the debt first, as it’s required by law.
Benefits of sending a debt verification letter
Sending a debt verification letter has three benefits:
- You’ll prevent LVNV Funding LLC from calling you during this period: When you send a debt verification letter, third-party debt collection agencies like LVNV Funding LLC are required by law to stop contacting you until they can provide evidence that you actually owe the debt they’re trying to collect. 9
- You’ll get more information about the debt: You should never pay a debt that you don’t recognize. Forcing LVNV Funding LLC to provide documentation will help you determine whether this is a legitimate debt that you actually need to pay. It’s an easy way of figuring out if the debt collector is a scam agency.
- You may successfully disown the debt: If LVNV Funding LLC can’t provide more information about the debt (which is frequently the case), then they have no choice but to delete it from your records.
Beware the statute of limitations
The verification materials that you receive may show that your debt has passed the statute of limitations. This is a legal limit that means the debt is too old for LVNV Funding LLC to sue you over, at which point it’s known as time-barred debt.
If this is the case, you can send LVNV Funding LLC a letter telling them to stop contacting you. Legally, they’ll have to abide by that.
The statute of limitations on most debts is between 3 and 6 years, but the exact amount of time depends on several factors, including the state you live in. The best approach is to check your state attorney general’s website and email their office if the information you’re looking for isn’t available online.
How to remove LVNV Funding LLC from your credit report
If your credit score is suffering as a result of LVNV Funding LLC debt, there are three ways to recover:
1. Dispute the debt with all three credit bureaus
If you think that the debt associated with LVNV Funding LLC on your credit report is illegitimate (e.g., if you paid it on time or it belongs to somebody else), dispute the item on your credit report. You can also dispute debts that are older than 7 years (measured from the date of your first missed payment)—by law, they’re supposed to fall off your credit report by then.
To dispute a debt for free, send a credit dispute letter to the credit bureaus that are showing LVNV Funding LLC on your credit report.
To find out which credit bureaus you need to send the letter to, request your free credit report from each of the major credit bureaus (Experian, Equifax, and TransUnion) at AnnualCreditReport.com. If they don’t respond to your dispute within 30–45 days, then they’re legally obligated to remove the item in question.
2. Negotiate with LVNV Funding LLC
Unfortunately, if the debt is legitimate and it’s less than 7 years old, removing LVNV Funding LLC from your credit report will be very difficult (although not impossible).
Your best move at this point is to simply pay the debt. Newer credit scoring models ignore paid-off collection accounts, which means paying off your collection will boost your credit score even if you can’t remove the item.
However, when you pay, there are two negotiation strategies you can try as a last-ditch attempt to remove LVNV Funding LLC from your credit report:
- Pay for delete: You might be able to convince LVNV Funding LLC to remove the negative mark in exchange for paying off the debt. You can open these negotiations by sending them a pay-for-delete letter.
- Goodwill deletion: This is an alternate strategy you can try after paying your debt. Once the account is paid off, you can send LVNV Funding LLC a goodwill letter asking them to empathize with your situation and remove the mark from your credit report as an act of kindness. Create your letter using our free goodwill letter template.
3. Wait 7 years for LVNV Funding LLC to fall off of your credit report
Unfortunately, most collection accounts will stay on your credit report for 7 years after your first missed payment. Even if you pay off your debt to LVNV Funding LLC, it will remain on your credit report.
Learn more about LVNV Funding LLC’s impact on your credit score:
- How many points will my credit score increase after I pay off collections?
- How to rebuild your credit after having a debt sent to collections
How to deal with LVNV Funding LLC harassment
Unless you tell them not to, LVNV Funding LLC will keep contacting you until you pay off or settle your debt. However, there are restrictions on how they can go about doing this.
Restrictions on LVNV Funding LLC
When attempting to collect payments from you, LVNV Funding LLC must adhere to the regulations specified in the Fair Debt Collection Practices Act. This is a federal law that prevents debt collectors from engaging in harassment or predatory behavior, such as lying to you or calling you incessantly or at unreasonable hours.
LVNV Funding LLC representatives also need to follow the rules set out in the Telephone Consumer Protection Act. It’s a good idea to familiarize yourself with these laws so that you can take action against LVNV Funding LLC if they do something illegal.
Can I sue LVNV Funding LLC for harassment?
Yes, you can sue LVNV Funding LLC for harassment. If you can show that they’ve violated your rights under the Fair Debt Collection Practices Act, then you can collect $1,000 in statutory damages for each violation as well as payment for any damages that you’ve sustained as a result of their violation. LVNV Funding LLC will also have to pay your attorney fees and court costs.
How to file a complaint against LVNV Funding LLC
If a debt collector violates your rights under the Fair Debt Collection Practices Act or does something illegal, then you can report them to the Federal Trade Commission, the Consumer Financial Protection Bureau, or your state attorney general. From there, you’ll be able to find out whether you can also sue LVNV Funding LLC.
Another option is filing a complaint on the Better Business Bureau (BBB) website, but this might not have the outcome you’re hoping for. Bear in mind that the BBB is actually a private organization that has no affiliation with the US government. They’ll forward your complaint to LVNV Funding LLC, but there’s no guarantee that the agency will address it in a satisfactory manner. What’s more, if your dispute is sent to an arbitrator, then you may give up your right to take LVNV Funding LLC to court.
Should you pay LVNV Funding LLC?
You should only pay a collection agency like LVNV Funding LLC if you’re certain the debt is yours and you owe it. If you’re struggling financially and can’t afford to pay this debt collector, you can get help from a non-profit credit counselor.