Why Would Anyone Need Debt Validation Letter?
Debt accumulators are needed by law, specifically the Fair Debt Collection Practices Act, to send a written debt validation letter with information about your debt. They are needed to send this information to you within five days of making contact with you. If you don’t get the letter within 10 days, make sure to ask for it again when the debt accumulator reaches out to you.The letter must include: 1. What amount of money you have to pay? 2. The creditor who is looking for payment 3. A declaration that you are accepting the debt as genuine if you don’t dispute it within 30 days of the first contact 4. A declaration that the accumulator will verify the debt by mail if you do dispute it within the 30 days 5. A declaration that the collector must offer the information if requested within 30 days Keep in mind to ask for a debt validation letter is not you disputing the debt. You need not to feel bad about it. It’s only the confirmation that the person attempting to collect is the pe...