Use Debt Validation To Fight Collection Agencies
There are many collections agencies in the credit world that use unscrupulous methods to collect money owed on a debt. Sometimes these debts are marked up to as much as 150% of the original amount in question. They are against the Fair Credit Reporting Act, but they must be challenged in a court of law to be removed from your credit reports. Until such time as the court sees fit, they can do irreparable damage to your credit rating and create havoc in your financial life.
Many times the original debt is a minimal amount. However, once the debt has been charged off your account can be sold to a collection agency. At this point, the purchaser of the debt can mark up the total amount in order to make a profit. This often comes under the guise of fees, interest rates and penalties. LVNV is one such collection agency whose business practices and collection process are questionable and who use derisive tactics for collection.
You must protect your self from scurrilous collection agencies by using debt validation. It is a process of demanding proof of this debt, requesting detailed information and collection of facts to prove your case in a court of law. It is important to protect yourself.
There are many reasons to use debt validation. Collection agencies may not even be leaglly entitled to collect the money from you. Legislation enacted under the FDCPA (The Fair Debt Collection Practices Act) protects you from receiving fraudulent collection requests. This does not protect you from the original creditor such as credit card companies – if you owe the debt, you legally have to pay it. There are steps in a lette you can take to begin your process of debt validation.
Your letter should be sent to all three credit reporting agencies and should include several key questions and information confirmed. Your letter should be sent certified mail with return receipt requested. Tell them the collection agency is violating your rights by listing an inaccurate or erroneous account, and to correct or delete this entry on your credit report. Ask that if the debt is deleted that they will not allow the collection agency to reapply for collection.
Write a certified, return reciept letter to the collection agency as well, asking them to provide information regarding the amount of the debt, the formula they used for calculation of the debt owed. This will show what the original debt was and how much their fees are. Get proof of the contract approving the debt, and whether the statue of limitations is valid. If it has run out, you no longer owe the debt and they are not able to collect it. Ask for proof of license to collect and if they have the authority to collect in your state.
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