The power of the validation of the debt and credit repair

Debt validation, a powerful tool

He received a letter of collection? The law gives consumers a powerful tool to collectors. Jim Kemish credit repair experts discusses the power of the validation of the debt and how to use to their advantage.

The letter of the law

It is the correct way to respond to a collection letter with a request in writing for the validation of the debt. This is your right under the fair debt collection practices Act (FDCPA) and if done in a timely and appropriate manner can produce fantastic results. Let's start with the FDCPA law: § Ã ' 809. Debt validation [15 u.s.c. 1692g (b) "If the consumer notifies the selector of debt in writing within thirty days, as described in subsection (a) is in dispute, or any part of the debt, or that the consumer requests the name and address of the original creditor, debt collector will stop debt collection"], or part of them in disputahasta debt Gets the debt or any copy of a sentenzao the name and address of the original creditor and a copy of such verification or judgment or the name and address of the original creditor, is distributed to consumers through the tax collector. "

Timing is everything

Note that there is only a window of 30 days of the opportunity to request the validation of the debt. Collectors must comply with the laws in the FDCPA, but these laws mandate a response only for 30 days from the date of the initial letter of the collection. Beyond the window of 30 days collectors not obliged to provide documents that you need and missed the opportunity to enforce. We are not postponing. The claim is very important.

Why validate the debt?

Why apply for a debt validation? There are two reasons that debt requires validation in each letter of payment received, although it seems legitimate. Firstly, how you know that the collector has a legal right to collect? Not be to do! Debt regularly sold and resold so often. It may have incurred an obligation with the original creditor, but does not know anything about the part that is currently requesting the payment. Then, exercise their rights and ask them who demonstrate that they possess the debt. Secondly, how you know that the amount of the debt is correct? Interest is properly calculated? There are additional taxes? They deserve to know. As with any other credit repair tool, it is to exercise their rights!

Debt validation letter

We are going to work. Write a letter in the selector. Make it clean. Debt reference using the identification provided in the letter together, as the number of account collector, the creditor account number, name of the creditor, etc.. Say clearly that he disagrees with and the question that the FDCPA selector provide evidence that they have debt and entitlement to, as well as evidence of the due amount, provide a copy of the credit agreement signed with the original creditor and a full accounting of the quantity concerned. Attach a copy of the letter together and send a certified letter. If you are comfortable doing you contact a reputable credit repair. Credit repair companies offer the most legitimate validation of debt as part of his arsenal and it will be happy to do it for you.

The response

What happens then? Once you have sent a letter of approval for a debt collector are in accordance with the application of proper documentation. Properties of debt can prove with a contract or transfer their debt to buy the contract. The amount owed can be documented with statements by the original lender or a copy of the contract of loan with the original signature and a full accounting. It is never enough for the receiver to provide their detailed internal debt. In all cases, the documentation must be clear and provide definitive proof of the claim.

Say goodbye to collection

What happens if the selector can not (or not) to provide the documentation needed? If you do not meet â € ¦ can not gather, not in contact with you and they may not refer to the offices of credit. It's so simple. And it is likely that never you will hear from them again.

Important note

Credit repair customers occasionally expressed concern that if the selector is pushed too hard to send a call and try to get a conviction. It is not valid for a selector to take additional measures to meet, including the obtaining of a sentence, until they have fulfilled their obligations under the FDCPA. If you receive an offer after challenge to a receiver with a debt validation letter will appear in court with the evidence that prompted for validation. Go to the courts is not an attractive option, but if shown with the receipt of the certified letter and records of proper maintenance it will prevail.

Copyright  © 2007 James w. Kemish. All the content. All rights reserved.

Jim Kemish, nationally recognized credit restoration expert, is the President and founder of blue sky, a leading credit since 1989 repair business. Jim is also President of the mortgage, a mortgage company in Delray Beach, Florida, Florida.