subject: Debt Validation-discover The Secret Debt Validation Letter That Will Stop Collectors In Their Tracks [print this page] Here's a simple way to stop a collection agency in their tracks. This technique is called debt validation, and its a powerful strategy to use against a collection agency. It's so powerful that if you apply techniques right, you will stop the collector from calling forever.
Debt validation secrets
First, you want the collection agency to prove that its your debt. Send them a debt validation letter right away via certified mail and with a return receipt. Dont wait, because you may miss the 30-day deadline, which gives the collector the right to report this debt to the credit bureau if you do not dispute it.
In your debt validation letter, let them know not to send you a computer printout itemizing your outstanding debt, as this is not sufficient proof according to the FTC. Instead, ask the collector to provide you with a copy of the following:
Their bond and license to collect in your state
A copy of the agreement authorizing them to collect debt on behalf of the creditor
An accounting statement on how they reached the amount you supposedly owe
A copy of the contract you signed with the creditor bearing your signature
The name and address of the creditor
If within 30 days, the collection agency sends you the proof that you requested, and the debt is really yours, try to settle the outstanding amount for pennies on the dollar using the strategies outlined in the negotiation section. Make sure you do this before the collection agency reports the negative item to the credit bureau 30 days from the date you received the letter.
Ending, the debt validation concept makes the collectors follow the law, and prevent scam artist from robbing you from your hard earned money. So the next time you receive a letter or a call from the collector, make sure you apply your new found weapon.
by: Mark Clayborne
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