LVNV Funding LLC is a company that buys charged-off accounts from companies like credit card issuers and personal loan lenders.

A charge-off is a debt that the original creditor has given up trying to collect on after you’ve missed a number of payments. But just because the original creditor has written the debt off doesn’t mean you don’t have to pay it anymore. If your creditor sold the debt, you’ll then owe the outstanding debt to the company or debt collection agency that bought it — in this case, LVNV Funding.

Here’s what you need to know about why LVNV Funding could be on your credit reports and what to do next.

• Why is LVNV Funding on my credit reports?
• How to remove LVNV Funding from your credit reports
• Next steps: What to do if there’s an account you don’t recognize on your credit reports

Why is LVNV Funding on my credit reports?

When LVNV Funding buys your debt, the account could start showing up on your credit reports as an account in collections, in addition to the charged-off account with your original lender.

LVNV Funding contracts with another company called Resurgent Capital Services that’s responsible for actually collecting on the debt. That means while you may see LVNV Funding on your credit reports, if you hear from a debt collector, it’ll probably be Resurgent that contacts you.

Whether you’re contacted by a debt collector or you see a collection account on your credit reports, your first step should be to verify the debt and make sure that the debt collector has the right to collect on it. Get information about the debt in writing from the debt collector and make sure you know your rights from the Fair Debt Collection Practices Act.

What to do if a debt in collections is legitimate

There are a few options for you to consider if a debt that’s gone into  collections is legitimate.

Pay it off. If your debt has been sold to one company that’s contracting with yet another company to actually collect on it, it can be confusing to figure out who and what you’re paying. It’s a good idea to do your research before you contact the debt collection agency.

Look into credit counseling. Look for a credit counselor who has been accredited by the National Foundation for Credit Counseling. They can help you create a plan to manage your debt. 

Be careful with debt settlement. Debt settlement companies may claim that they can settle your debt for a lump payment that’s less than the total amount you owe. In some cases, this could be true. But be careful: The Federal Trade Commission warns that these claims aren’t always true. It’s generally a good idea to avoid companies that make guarantees or try to get you to pay fees before your debts have been settled.

How to remove LVNV Funding from your credit reports

If you’ve verified that the debt was correctly reported, the account in collections will likely stay on your reports until it falls off, about seven years.

You may have heard of a tactic known as “pay-for-delete,” in which the debt collector agrees to remove the collections account from your reports if you make a lump payment. There’s no guarantee that this will work — according to the Federal Trade Commission, debt collection agencies are legally required to report accurate information to the credit bureaus. So it’s generally illegal for debt collectors to knowingly report inaccurate information. You should be very wary of any agency that claims you can pay to remove a collections account from your credit reports.

Also, even if the debt collector were able to remove the collections account by falsely reporting it as inaccurate, the derogatory mark from the original charged-off account won’t be removed.

But if the debt isn’t legitimate, it could be a sign that somebody has stolen your identity. If there’s an account you still don’t recognize after you look into it, reach out to the three major consumer credit bureaus and dispute the debt.

The credit bureaus are required to investigate disputes and send your information about the error to the debt collector. The debt collector is obligated to investigate that information and must notify all three of the credit bureaus about any inaccuracies it finds so that your reports can be corrected.

Next steps: What to do if there’s an account you don’t recognize on your credit reports

It can be scary to have a collections account appear on your credit reports. While you’ll likely see an impact on your credit, you can take proactive steps to build your credit over time.

But if the account in collections is wrong, start by disputing the inaccuracy and then consider adding credit monitoring to your financial routine. Regularly monitoring your credit may help you catch any other inaccuracies or signs of possible fraud in case your identity has been stolen. You can access your credit reports periodically from all three major consumer credit bureaus for free at annualcreditreport.com.

EOS CCA is a debt collection agency that is most likely on your credit reports for an account that’s in collections.

Debt collection agencies like EOS CCA work with creditors such as banks, student loan providers and telecommunications companies to recover debts they’re owed.

• Why is EOS CCA on my credit reports?
• How to remove EOS CCA from your credit reports
• Next steps: What to do if there’s an account you don’t recognize on your credit reports

Why is EOS CCA on my credit reports?

Debt collection agencies like EOS CCA can end up on your credit reports when your original creditor has sold your unpaid debt to them. You’ll most likely see it listed as an account in collections.

You should always independently verify your debt when a debt collection agency contacts you. Get information about the debt in writing from the debt collector and make sure you know your rights under the Fair Debt Collection Practices Act.

How to remove EOS CCA from your credit reports

If the debt is yours and was correctly reported, you likely won’t be able to remove the account in collections until it falls off your reports roughly seven years from whenever the account became past due.

Some debt collectors may offer the ability to “pay-for-delete,” in which you pay a lump sum to a debt collector in exchange for it removing the collections account from your reports. But according to the FTC, it’s generally illegal for these debt collection agencies to report inaccurate information to the credit bureaus, and this wouldn’t remove the derogatory marks from the original lender anyway.

But if the debt isn’t legitimate, it’s important to act quickly and reach out to the credit bureaus to dispute the debt.

The credit bureaus are required to investigate disputes and forward information about the error to the debt collector, which will have to notify all three of the major consumer credit bureaus about any information they determine is inaccurate.

Next steps: What to do if there’s an account you don’t recognize on your credit reports

Having an account show up in collections on your credit reports can be alarming. It can take time for your credit to recover, but there are steps you can take to work on rebuilding your credit.

But if the account in collections is incorrect, start with disputing the inaccuracy and then monitor your credit reports to make sure you catch any other inaccuracies — it’s possible that you’re facing a case of identity theft. You can periodically access your credit reports from all three major consumer credit bureaus for free at annualcreditreport.com.

If you’re seeing an account named “SYNCB/PPC” show up on your credit reports out of the blue, it could be because you have an old PayPal Credit or Bill Me Later account.

If you’ve ever had one of these accounts, you may be seeing it reported to the consumer credit bureaus for the first time. Here’s what you need to know.

• What is SYNCB/PPC?
• Why is SYNCB/PPC on my credit reports?
• What to do if there’s an account you don’t recognize on your credit reports

What is SYNCB/PPC?

On your credit reports, the acronym SYNCB/PPC stands for Synchrony Bank/PayPal Credit. PayPal Credit is a line of credit that PayPal account holders can apply for. It used to be known as Bill Me Later.

In 2018, Synchrony Bank bought PayPal Credit accounts from PayPal, including the debt owed by those accounts. That money is now owed to Synchrony Bank instead.

If you had an account with PayPal Credit or Bill Me later, Synchrony Bank may now be reporting your account activity to the major consumer credit bureaus.

Why is SYNCB/PPC on my credit reports?

Some people report that their old PayPal Credit or Bill Me Later accounts are now appearing on their credit reports for the first time. So why the change?

When PayPal Holdings owned these accounts, it was likely not reporting on them to the bureaus. Now that Synchrony Bank has taken the accounts on, it seems that they’re getting reported to the bureaus.

There are a few different areas of your credit reports where you might see SYNCB/PPC — here’s how it might be showing up and what to do about it.

Hard inquiries

If you’ve applied for a new PayPal Credit account, you’ll likely see a hard inquiry for the account on your reports. Synchrony Bank will have done a hard pull to check your credit as part of its evaluation of your application.

Hard inquiries can have a negative impact on your credit scores, and they can show up on your credit reports for up to two years.

If you didn’t apply for PayPal Credit and you have a hard inquiry associated with SYNCB/PPC on your reports, it could be a red flag that you’re facing a case of identity theft. If that’s the case, you’ll want to take action immediately.

Active or closed accounts

PayPal Credit accounts could also appear on your credit reports in the accounts section as either active or closed accounts.

If, at one time, you had a PayPal Bill Me Later or Credit account, the closed or active account may have been reported to the bureaus for the first time. And now that Synchrony Bank owns the accounts, it can also raise or lower credit lines and close accounts for inactivity (even if you don’t owe any money on the account). Both of these can affect your credit scores.

But if the account still doesn’t ring any bells, you should contact Synchrony Bank. It’s possible there was a mistake or that someone fraudulently used your identity to apply.

What to do if there’s an account you don’t recognize on your credit reports

A PayPal Credit account that’s recently showed up on your reports and negatively affected your credit scores could be an unwelcome surprise. If it’s legitimate, it’s unlikely you’ll be able to get it removed, but there are steps you can take to help your credit bounce back.

If you still don’t recognize this PayPal Credit hard inquiry or account, your identity might have been stolen. It’s important that you act immediately if you suspect this is the case.

It’s a good idea to regularly check your credit reports — you’re periodically entitled to one free credit report from each of the three main consumer credit bureaus, which you can request at annualcreditreport.com. And there are other steps you can take to help protect yourself from identity theft, like creating strong passwords.

Elan Financial Services is a company that works with banks and credit unions to issue credit cards.

You can’t apply for a credit card directly with Elan Financial Services — it works with banks and credit unions so that these financial institutions don’t have to build credit card programs from scratch.

If you’re seeing Elan Financial Services show up on your credit reports, you may have applied for a credit card from one of the financial institutions that partners with it. Read on to learn more.

• Why is Elan Financial Services on my credit report?
• What credit cards are offered by Elan Financial Services?
• Next steps: What to do if there’s an account you don’t recognize on your credit reports

Why is Elan Financial Services on my credit report?

There are a few areas of your credit report where you might see Elan Financial Services — here’s why.

Hard or soft inquiries

Hard inquiry: If you applied for a credit card from your bank or credit union and have a hard inquiry on your credit reports from Elan Financial Services, it’s possible the card actually is offered by Elan Financial Services on behalf of the bank or credit union you applied through.

In that case, Elan Financial Services would likely have done a hard pull on your reports to check your credit when evaluating your application to decide whether to lend to you. A hard inquiry can have a small negative impact on your credit scores and can show up on your credit reports for up to two years.

Soft inquiry: If you applied to prequalify for a credit card from one of the banks or credit unions that works with Elan Financial Services, you could also see a soft inquiry from the company on your reports. A soft inquiry doesn’t affect your credit scores.

Unauthorized hard inquiry: If you didn’t apply for a credit card provided by Elan Financial Services and you have a hard inquiry from this company on your reports, it’s possible that you’re facing a case of identity theft. Learn more about what to do if you spot an unauthorized hard inquiry.

Authorized users

Another way Elan Financial Services could end up on your credit reports is if you were added as an authorized user to someone else’s credit card account.

A big potential benefit of being added as an authorized user is that the account might show up on your credit reports and you will get the benefit of that account activity, without being responsible for the credit card bill.

But on the flip side, the primary accountholder’s actions with the account can affect your credit negatively as well. For example, if they were to miss a payment, that could hurt your credit.

If you were mistakenly added as an authorized user, you should be able to call the credit card issuer to ask it to remove you as an authorized user. Once you’re removed and the issuer has reported the change to the credit bureaus, you shouldn’t see the account listed anymore. If it’s still there, you can dispute the inaccuracy with each bureau.

Active or closed accounts

Elan Financial Services could also appear on your credit reports in the accounts section. If you’ve been checking your credit reports regularly, don’t have any new credit cards and still don’t recognize an account, there’s a chance that one of your existing accounts was purchased by another bank or company. In that case, the creditor listed for the account would’ve been updated to the new company.

If you’ve done some digging and you still don’t recognize the account, it’s possible that someone fraudulently used your identity to apply. Learn more about steps to take after identity theft.

What credit cards are offered by Elan Financial Services?

Elan Financial Services provides credit card programs for 1,400 banks and other financial institutions, such as …

• Fidelity (Fidelity® Rewards Visa Signature® Card)
• Envision Bank
• First Financial Northwest Bank
• Country Club Bank
• Busey Bank
• Highland Bank
• Chevron Federal Credit Union
• Banner Federal Credit Union
• MIT Federal Credit Union
• NRL Federal Credit Union

To figure out if your credit card was issued by Elan Financial Services on behalf of the bank or credit union where you applied for it, check out the card’s terms and conditions. Look for a line that says something like, “The creditor and issuer of these Cards is Elan Financial Services.”

Next steps: What to do if there’s an account you don’t recognize on your credit reports

If you’ve researched your accounts to make sure they’re not provided by Elan Financial Services in partnership with your credit union or bank and still don’t recognize a hard inquiry or an account on your credit reports, your identity might have been stolen. Learn more about what to do if you suspect that’s the case.

It’s a good idea to regularly check your credit reports — you can access free credit reports on annualcreditreport.com, and you can also check your free credit reports from TransUnion and Equifax on Credit Karma. Learn more about how to protect yourself from identity theft.

It may be possible to reopen a closed credit card account, depending on the credit card issuer, as well as why and how long ago your account was closed.

But there’s no guarantee that the credit card issuer will reopen your account. For example, Discover says it won’t reopen closed accounts at all. But it may be worth asking other issuers if you’d like to reopen your account. Here’s how.

1. Figure out why you have a closed credit card account
2. Gather the relevant documentation
3. Call the issuer’s customer service line
4. Ask to reopen your credit card account

1. Figure out why you have a closed credit card account

If you didn’t close your account yourself, it’s possible that your credit card issuer did. 

Ultimately, your issuer likely has the ability to close your account at any time. Here are some reasons why an account may be closed. 

• Inactivity
• Defaulting on your credit card debt
• The credit card company’s business needs change (this could have nothing to do with how you’ve used the card)
• Repeatedly going over your credit limit 
• Your credit score drops below the card’s minimum required credit score

If your account was closed because it remains unpaid by a certain number of days, it’s known as a charge-off. Keep in mind that regardless of the reason your account was closed, if you owe money on your card, you still need to pay back the debt. 

2. Gather the relevant documentation

Make sure you have some key pieces of information handy, including …

• The physical credit card from the closed account, if you still have it
• A credit card statement from the closed account may also have the account number
• Your name
• Your address
• Your Social Security number

3. Call the issuer’s customer service line

If you still have your card, there may be a customer service number on the back. If you don’t have the card anymore, you might be able to find a phone number on the issuer’s website or an old credit card statement.

4. Ask to reopen your credit card account

Once you’re on the line with customer service, let them know that you’d like to reopen your closed account. If you closed the account yourself and you’ve changed your mind, explain why you’d like to reopen it. If your account was closed for another reason, you may need to state your case. 

Each issuer’s policies differ, so be sure to check with your issuer to see what’s possible. But be prepared that you might hear a “no” — credit card companies aren’t required to reopen closed credit card accounts.

It’s important to be clear that you’re looking to reopen the closed account and not open a brand-new account with the same card. You may be asked to authorize a hard credit inquiry to reopen the closed account, which could cause a dip in your credit scores. 

How long does a closed account stay on your credit?

How long a closed account stays on your credit reports depends on whether your account was delinquent when it was closed. 

A charge-off will show on your reports for seven years from when the account went delinquent, or when you started missing payments.

An account that was closed “in good standing” — with no late payments and your balance paid off — could show up in your credit history for 10 years.  

Does a closed account hurt your credit?

There are a couple of ways that a closed account could hurt your credit. 

• Higher credit utilization rate — Your credit utilization rate represents how much of your available credit you’re using at any given time, and it’s an important factor in your credit scores. A closed account may increase your utilization rate by lowering the total amount of credit you have available.
• Lower the average age of accounts — The length of your credit history is another factor that affects your credit scores. If the closed account was open for a long time, that could lower the average age of your accounts.
• Credit mix — Having different types of credit in your credit history — whether that’s credit cards or an auto loan — can have a positive impact on your credit. Closing an account may affect your credit mix negatively depending on what type of credit it is.

A charge-off is considered a derogatory mark. So if your account was closed because your debt has been charged off, that can hurt your credit. 

What’s next?

If you’re able to reopen your account, make sure you keep your credit card accounts active.

If you aren’t able to reopen your account, there are still some steps you may want to consider taking to mitigate the impact of the closed account on your credit. 

• Ask for a credit limit increase if you have other open credit card accounts to improve your credit utilization rate.
• Apply for a new credit card with these six steps.
• Learn more about ways to build your credit.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the card shown, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.