What is a debt verification letter?
" Debt verification letter " is a letter sent to a creditor or collection agency asking for proof that the debt owed is valid and is not beyond the statute of limitations. The statutes of limitations for collecting debt are set out in the Fair Debt Collection Practices Act (FDCPA) and in state laws. Whenever the set time frame has passed, collection efforts can no longer be pursued, which should be noted in the validation letter. According to the FDCPA, debt collectors must send you a written debt validation notice. You must receive it within five days after the first contact. Things to include in the debt validation letter: 1. The amount owed. 2. The name of the creditor. 3. This statement indicates that the debt will be acknowledged by the collector unless you dispute it within 30 days of the first contact. 4. The debt collector can easily verify the debt by mail. This process will take 30 days to dispute the debt or to request more information. 5. A statement that if you...