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Debt Validation?

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SeanChuck



Joined: 13 Dec 2008
SeanChuck's page
Posts: 22



1300 Magic Points

Subject: Debt Validation?
 
Posted on Sun Feb 08, 2009 6:46 am  

Hello again,

In regards to "Pay for Deletion" and "Disputing" of items within ones credit report; I have been advised to request debt validation before doing either.

I was wondering if this is actualy necessary, and if so, why is it?

As always, any advise would be greatly appreciated!

Sean C.
fatherbride

fatherbride

Joined: 28 Jan 2009
fatherbride's page
Posts: 9



381 Magic Points

 
Posted on Sun Feb 08, 2009 4:08 pm  

If you simply dispute the debt with the CRA's, you may get nowhere, they simply get "verification" of the debt from the creditor.

In case of verification, the debt collector is required to send a written statement to the debtor with the name and address of the original creditor and the amount of the debt owed. The verification does not require the collector to provide original documents to the debtor

Now "validation" requires the following
Proof that they own the debt legally or have been legally authorized to collect it from you.
A complete payment history documented from your original creditor. This requirement was established by the case Fields v. Wilber Law Firm, Donald L. Wilber and Kenneth Wilber, USCA-02-C-0072, 7th Circuit Court, Sept 2004.
A copy of the original loan contract that you signed with your creditor.

A pay for deletion is usually asked when one is settling a debt for a lessor amount. BUT, most creditors do not have to agree to one.
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Mary

Mary

Joined: 06 Jul 2006
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Posts: 684



17426 Magic Points

 
Posted on Mon Feb 09, 2009 12:28 pm  

Before disputing a listing from your credit report, it is not necessary that you go for debt validation first. But if you plan to come to a pay for deletion agreement with the creditor, you should always ask the creditor to validate your debt just to be sure whether you actually owe the debt to the debtor or not.
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SeanChuck



Joined: 13 Dec 2008
SeanChuck's page
Posts: 22



1300 Magic Points

Subject: OK... Another question:
 
Posted on Wed Feb 11, 2009 2:36 am  

I have already disputed a debt on my CR with two of the bureaus via their websites. If I now request Debt Validation from the collection agency, and they do not provide the all the required information or do not respond in the allotted time; can I dispute the debt again?

Also, (this may dumb, but) if I request Debt Validation; is it possible that it could somehow "Re-Age" the debt?
Mary

Mary

Joined: 06 Jul 2006
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Posts: 684



17426 Magic Points

 
Posted on Wed Feb 11, 2009 9:15 am  

Yes, you can definitely ask for debt validation first and if they do not provide you with a proper validation of the debt within 30 days, you can send a dispute letter to the bureaus. Send a copy of the return receipt along with the dispute letter as a reference. Now, if the bureaus do not remove the negative item from your report, you can file a complaint against them with the Federal Trade Commission. Instead of disputing the debt over the internet, send it by certified mail.
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Justin

Justin

Joined: 17 Jul 2006
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Posts: 1238



28944 Magic Points

 
Posted on Wed Feb 11, 2009 9:26 am  

Hi Sean
Debt validation can never re-age your account. It is only an instrument against the creditors asking them to prove that they own your debt. However, as far as I know, if you make a payment towards a debt, the account will re-age. So before making any payment towards the debt, you should first check the statute of limitation in your state.
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Justin
SeanChuck



Joined: 13 Dec 2008
SeanChuck's page
Posts: 22



1300 Magic Points

Subject: OK... One more question!
 
Posted on Mon Feb 16, 2009 4:58 am  

This is in reference to Mary's last response:
What was meant by "the return receipt"???

In reference to Justin's response:
Yes I am aware of the SOL. It is one of the many things I have learned from this forum. Thanks!

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