Validating A Collection Debt

Andorra Credit Repair shares some great information on Validating a Collection Debt on your Credit Report:

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You find a Collection Debt on your credit report and you just don’t remember it….what do you do?

Ask for a validation notice. A debt collector must send you a validation notice within five days that explains how much you owe and to whom you owe the debt.  Document when you make this request. If the collection agency cannot validate the debt then they probably don’t have a legal right to collect the debt.

Once you have the validation notice, make sure that this is truly your debt. Sometimes, debts are created in your name such as in cases of identity theft. You’ll want to check your credit report. Your credit report should include evidence of the debt. You can get your FREE credit reports at www.AnnualCreditReport.com.

A tactic that scavenger debt collectors use is to purchase debt that has passed the “statute of limitations” for pennies on the dollar and then try to use scare tactics to collect the debt from unsuspecting people who have no idea that this debt is no longer collectible.

Need more information?  Any Credit Repair company can assist in education you, however since Andorra Credit Repair shared this information, why not reach out to them. 

Karen Jones is a Licensed Mortgage Loan Officer (NMLS 307015) located in Phoenix and serving Arizona families with their home lending needs. As a Banker of over 32 years, Karen is dedicated in ensuring that her clients are well educated and prepared for their new home purchase.  Learn more about our 100% Financing programs and obtain your Underwriting Credit Approval before you start shopping. Let a home loan specialist guide you by contacting Home Loan Officer, Karen Jones from AmeriFirst Financial, Inc. located in Phoenix, Arizona.

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Karen Jones does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Karen Jones will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

 

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