What Is A Debt Validation Letter
You get a letter in the mail and read the words: “You owe money. Please pay this debt to avoid a court summons.” These words are scary, and immediately you worry about paying in time to avoid further problems. What if you don’t owe a thing? Before making a payment, it’s crucial you ask for a debt validation letter. Debtors are not above asking for money even if the debt is not yours or you have already paid. Here is everything you need to know about what is a debt validation letter and how to protect yourself while dealing with these situations.
Reasons to Request a Debt Validation Letter
Upon getting one of these letters, worry is the first thing that comes to mind. Rather than let this fear take over, first understand what is a debt validation letter. In addition, learn why you need to request this official letter stating what you owe.
Understanding how to request a debt validation letter is useful. Before requesting, make sure to follow these guidelines:
- Never confirm that the debt is yours
- Write and ask for a letter to get proof
Requesting a letter showing you owe a debt is something all companies must do if they are attempting to collect. Make sure to get everything in writing so you have solid proof of what is going on.
Understand Debts Are Time-Sensitive
Debts are time-sensitive affairs. Debt collectors must send you a letter, allowing you 30 days to dispute the debt.
After you request the letter, make sure to dispute the debt within 30 days. The agency sending the letter must provide proof that the debt is yours.
If this is something they cannot make good on, you have the upper hand should the case go to court.
Be aware that scams related to debt collectors have a been continual problem. In fact, using these practices, scammers create false documents, ranging from letters to court summons.
This is another reason to ask for a debt validation letter from the debt collector.
How to Submit a Request
When submitting a request for a letter, make the request brief and professional. Some things to include are:
- Your name and address at the top of the letter
- Debt collectors company name and address under it
- A request stating you want proof you owe the debt
- A statement saying if this request is not provided to you, you will report the company to the FTC
At best, this scares some debtors away from bothering you. At worst, you find out if the debt is yours or not.
What to Do If The Debt Is Yours
- Checking to see if it is still within the credit reporting time limit
- Know that debts seven years or older fall off your credit report, so find out how old the debt is
- If it is pay for deletion off your credit report
- Pay the account in full
There are multiple steps available to help you clean up your credit report, even if you have experienced problems with debt.
Get Outside Help
Feeling unsure about all of this? Millions of people deal with requesting a debt validation letter, and you are not alone.
Check out our blog and learn about various ways to improve your credit. No matter how much debt you’re dealing with, there’s always a solution.
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