It is an old Providian account that was charged off. You're right Providian has a zero balance. In one CR it the statement says "transferred, closed/Account charged off. $4611.00 written off. This on the CR from Experian reports this was charged off in June 2003. However this account went in defualt in 2001. The CR from Equafax shows no date of last payment and it does not show when the account went in default. Asset Acceptance has it now and is saying the balance is $7000.00. In the equafax CR there is no information when the account was opened, no date of last payment. This debt is SOL. Hown do I get it off my CR?
An expired SOL will not remove the negative from your credit report. It will still be reported in your CR from the date of first delinquency for seven years.
The second thing you need to dispute the item with Equifax for not giving complete information about the account. Both reports don't match because of the information providers not reporting to all the bureaus.
Put the item on dispute with the CRA for updating your file from your information providers. Reports from all the bureaus should match with each other.
I have 3 of them. Why is that fair which I don't think it is fair at all. I have an old Sears account that went to LVNV funding and then onto Sherman Acquisitions for collections. The debt is paid off through garnishment but all 3 remain on my credit report. There should only be one entry, right? How do I get the others off my report?
I agree. I disputed the LVNV funding on Experian and it came back that it was mine. The account was paid through Sherman Acq. so LVNV should not be reporting it correct? Even if they are the ones that had Sherman Acq collect?
As it seems Sherman Acq was hired for the collection and it was not sold to them, only LVNV should be reported as the original CA and not Sherman Acquisitions.
This just doesn't seem correct, you have a collection agency and Sherman Acquisitions, also a collection agency, collecting on the same account which was report 2 times. Just my opinion! It's happened to me with a auto loan, the car was stolen and $87.00 which was paid by AAA was sold a couple times and remained on my credit for 8 yrs.
Sherman Acq and LVNV are "related" companies. They are both under the umbrella company of Sherman Acquisitions. Other CA's that fall under this company are:
Sherman Acquisitions, LP
Sherman Acquisitions, LLC
Sherman Acquisitions II, LP
Sherman Acquisitions TA, LP
Ascent Card Services II, LLC
Ascent Card services, LLC
Resurgent Capital Services, LP
FNMB, LLC
LVNV Funding, LLC
Whew~
In my research w/ other people, I have found that these companies often "sell" an account between themselves in order to keep it active.
Hi Jake,
What happens is that the original creditor shows the account with a zero balance after selling it to a collection agency.
The sold balance thus will be reported under collections with any fees mentioned in the contract and allowed in your state.
So this way it is possible to have two entries in your credit report.
Scott
2 entries that concern the same debt
Scott
It is an old Providian account that was charged off. You're right Providian has a zero balance. In one CR it the statement says "transferred, closed/Account charged off. $4611.00 written off. This on the CR from Experian reports this was charged off in June 2003. However this account went in defualt in 2001. The CR from Equafax shows no date of last payment and it does not show when the account went in default. Asset Acceptance has it now and is saying the balance is $7000.00. In the equafax CR there is no information when the account was opened, no date of last payment. This debt is SOL. Hown do I get it off my CR?
Hi Jake,
An expired SOL will not remove the negative from your credit report. It will still be reported in your CR from the date of first delinquency for seven years.
The second thing you need to dispute the item with Equifax for not giving complete information about the account. Both reports don't match because of the information providers not reporting to all the bureaus.
Put the item on dispute with the CRA for updating your file from your information providers. Reports from all the bureaus should match with each other.
Scott
2 entries that concern the same debt
Scott,
Thanks for the info. One more question. When disputing this should ask for verification or validation from the CRA?
I have 3 of them. Why is that fair which I don't think it is fair at all. I have an old Sears account that went to LVNV funding and then onto Sherman Acquisitions for collections. The debt is paid off through garnishment but all 3 remain on my credit report. There should only be one entry, right? How do I get the others off my report?
Hi Jake,
"When disputing this should ask for verification or validation from the CRA?"
You should ask for verification from the CRA.
Scott
Hi Bwall,
As per the details you have provided, there should be only two entries, one for Old Sears and other for Sherman Acquisitions.
There can not be two collection agencies reported for the same debt. The garnishment amount should be reported as "Paid Garnishment".
Who you had paid the amount to? You should dispute the entry for LVNV Funding, if they had sold off it to Sherman Acquisitions.
2 entries that concern the same debt
Scott,
Should I ask for verification from both CRA's or just one?
I agree. I disputed the LVNV funding on Experian and it came back that it was mine. The account was paid through Sherman Acq. so LVNV should not be reporting it correct? Even if they are the ones that had Sherman Acq collect?
Hi Bwall,
As it seems Sherman Acq was hired for the collection and it was not sold to them, only LVNV should be reported as the original CA and not Sherman Acquisitions.
This just doesn't seem correct, you have a collection agency and Sherman Acquisitions, also a collection agency, collecting on the same account which was report 2 times. Just my opinion! It's happened to me with a auto loan, the car was stolen and $87.00 which was paid by AAA was sold a couple times and remained on my credit for 8 yrs.
Sherman Acq and LVNV are "related" companies. They are both under the umbrella company of Sherman Acquisitions. Other CA's that fall under this company are:
Sherman Acquisitions, LP
Sherman Acquisitions, LLC
Sherman Acquisitions II, LP
Sherman Acquisitions TA, LP
Ascent Card Services II, LLC
Ascent Card services, LLC
Resurgent Capital Services, LP
FNMB, LLC
LVNV Funding, LLC
Whew~
In my research w/ other people, I have found that these companies often "sell" an account between themselves in order to keep it active.
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Kbb8SK Very neat post. Will read on...