What does validating a debt mean
If the creditor or debt collector cannot provide you with the requested documentation to prove the account and amount are true and accurate then take a copy of this article and the response from the collector or creditor to a local attorney and ask them to step in.
The validation idea holds true basically, for any type of debt, including Mortgage notes!If you are interested in information about a very powerful Debt Settlement/Debt Validation Program, call us at 877-766-2465 for a free consultation.If you enjoyed this newsletter article, please feel free to subscribe to our FREE Newsletter, by visiting: FREE CREDIT COUNSELING NEWSLETTERWritten By: Steven Ciantro Member National Association of Certified Credit Counselors American Debt Enders [email protected] you would like to receive a FREE Newsletter packed with Great articles on Free Credit Counseling and Self Empowerment thru Debt Freedom then: You will receive periodic updates from our Free Credit Counseling Blog in Newsletter format.This would be a simple form of requiring “Debt Validation”.That’s why when a debt collector sends you a notice of demand for a payment, for the first time, they are required to tell you that you have the right to “Have the debt validated”, and if you enforce your right by requesting it, they will send it to you in 30 days.It shall constitute an unfair or deceptive act or practice for a creditor to fail to provide to a debtor or an attorney for a debtor the following, within five business days after the initial communication with a debtor in connection with the collection of a debt, unless the following information is contained in the initial communication or the debtor has paid the debt: A statement that if the debtor notifies the creditor in writing within 30 days after receipt of this notice that the debt, or any portion thereof is disputed, the creditor will obtain verification of the debt and provide the debtor, or any attorney for the debtor, additional materials described in subsection (2) of this section.
If the debtor, or any attorney for the debtor, notifies the creditor in writing within the 30-day period described in subsection (1) of this section, that the debt, or any portion thereof, is disputed, the creditor shall cease collection of the debt, or any disputed portion thereof, until the creditor verifies the debt and provides the debtor, or any attorney of the debtor, by first class mail, the following materials: A ledger, account card, account statement copy, or similar record, whether paper or electronic, which reflects the date and amount of payments, credits, balances, and charges concerning the debt, including but not limited to interest, fees, charges or expenses incidental to the principal obligation which the creditor is expressly authorized to collect by the agreement creating the debt or permitted to collect by law; Pursuant to this section, the creditor must provide those materials described in subsection (2)(a) through (d) which are in the possession, custody or control of the creditor.
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So much stuff has been written advising people to get their debts validated.
Now usually, what they send you does not constitute a “legally validated debt”.
If you truly understood the scope of what is required for them to provide to you, you might even be able to eliminate the debt.
It’s probably the least expensive way to accomplish this goal.