I recently sent several letters of debt validation to collection agencies listed on my credit report. As I anticipate their response, can someone tell what an accurate form of debt validation should look like from the collector?
Debt validation letter is generally send to the collection agency when you are not sure of the debt. Along with the answer to your debt validation the collection agency is required to provide you with informations on the outstanding debt amount, whether or not the collection agency has the authority to collect from you, and who your original creditor was.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.