online dating sties - Legally validating a debt

I hope you find them to be informative and relevant.I also share my opinions, when it comes to interpreting this information, from both a debt settlement and debt collection perspective.

legally validating a debt-51

In the above clip, Heather Allen, an Attorney who works for the FTC, in the Division of Financial Practices, explains that per the FTC’s report, debt buyers verify disputes about 50% of the time.

The full video can be viewed here: Length Source: United States Federal Trade Commission, The report states: “The information submitted in the study further provides insight into debt buyers’ verification of debts that consumers have disputed.

So if sending a debt validation letter is part of your strategy to clean up your credit report, please know that it is possible that your credit report could be negatively impacted in the future if the account remains unresolved and is validated in the future, provided it’s still within the 7-year reporting period.

So if you’re looking for a long-term solution to your situation that doesn’t leave your credit vulnerable to future negativity: debt validation doesn’t align with your goal. Almost every website out there recommends sending a debt validation letter on a valid debt. But, I also believe that they may not be aware of the potential reactions that may be created when sending a debt validation letter on a valid debt.

The workshop participants included representatives of the FTC, CFPB, state regulators, consumer protection attorneys, junk debt buyers, and original creditors.

There was a lot of information that was shared in these videos.

If you’re preparing to buy a home, clean up your credit report, or if you’re dealing with debt collectors, you may run into some information regarding the Debt Validation Letter.

This information generally entails sending a debt validation request on your “valid” debts prior to communicating with the debt collector who is attempting to collect from you.

However, you may want to read this article so you may educate yourself for the future.

I recently spent a little over 7 hours watching the videos produced by the FTC covering their recent debt collection workshop that took place on June 6th, 2013.

So if you’re thinking that if you dispute the account and they fail to validate it within 30 days, that, that will be the end of it, you’re mistaken.

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