Validation of Debt Letter, The secret weapon of the Credit Repair Industry

Validation of Debt. The main gun in the arsenal of the unscrupulous credit repair industry.

Although validation of debt letter has a legitimate use. Watch now to find out when and how to use Validation of Debt letter. The Validation of Debt letter is not something you should think of as a quick fix. Only use the Validation of Debt letter when you do not recognize the debt and have been unsatisfied with the responses from the collection company. The time to take back your credit is now, use the validation of debt letter and save yourself the $1000’s you would pay a credit repair person. Spend that money on your credit card balances.

Hi everybody Dave Sullivan here for The Credit Guy TV this time I want to talk about the validation of debt rule.  Inside the Fair Credit Reporting Act a lot of credit repair people will use this rule. They will send out a verification of debt letter to every derogatory item on a clients credit report, hoping that that credit reporting company will not have the documentation required to verify that reported information. A validation of Debt is a formal request on the original service agreement from the original creditor.

The collection company is required to produce the original application and the credit repair company is hoping that they can not produce it in the 30 day window. Bow it might be removed temporarily or it might be removed permanently. It just depends on whether they can find your original service agreement but I do not recommend doing that to accounts that you know that you owe. If you owe the money then you should pay it.

Contact the collection company negotiate with them hopefully that they will remove it. you can watch this video for more information on that.

If you offer to pay the collection and it is older too the collection company is more likely to be willing to work with you. If they are willing to do that, so you’re going to try and get a letter that states that it was “reported an error” and it’s been paid in full on company letterhead signed by someone as long as you have that letter you can get that account removed from the repositories, on your own for free.

That’s the the big thing that the credit repair people don’t want to know is that section in the fair credit reporting act that allows for this verification of debt letter and the rights that are attached to it. Now you know what it is, so you can if there is a collection that you don’t understand what it is. IF you called and they’re not willing to work with you and you sending this letter because you don’t really know what it is.

That’s what it was designed to do, all right so you with a little bit of me we’re going to change the credit industry.

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