Debt verification letters
Categories: Credit Cards
Written By: Allan Henry
When requesting information on an account that is being collected on by your creditor or debt collector, you can send what is known as a debt verification letter. I do not usually recommend sending debt verification letters because they only require the creditor or debt collector to prove that they have your name and address. This information does not provide you protection or any valuable information.
Let me tell you why I don’t recommend the use of debt verification letters. Debt verification letters only require the creditor or debt collector to prove that they have your name and address, which has no relation to whether or not you owe them money. It also will not stop them from harassing you for payments. Because of this I recommend looking into the use of debt validation letters.
All this talk of debt validation letters and debt verification letters can be confusing. This is because many people use the two terms interchangeably which is incorrect. As a consumer, it is extremely important to understand the difference between these two letters because sending a debt verification letter will do nothing to better your situation.
The bottom line is that sending debt verification letters will get you nowhere. You leave yourself open to continued harassment and collection efforts. However, by sending debt validation letters, it is likely that all collection efforts will be stopped or seriously delayed.
I would like to share with you something that is not widely known about third party debt collectors. They often are making collection efforts on accounts that have been sold to them by the original creditor. This is because original creditors do not want to spend huge amounts of time and money trying to recover money that can be repaid to them through insurance. Why am I telling you this? Because if you are dealing with a third party debt collector, you can send them a debt validation letter that will require them to prove that you owe them money, which they cannot prove! Sending this letter will stop the abusive practices of third party debt collectors.
The harassment and intimidation by third party debt collectors was commonplace in the credit card debt collection industry until the US government passed the FDCPA or Fair Debt Collection Practices Act. This act provides the legal backing to the use of debt validation letters and provides no support to debt verification letters. Though this Act provides a large amount of protection to consumers, the protection only comes into effect once a debt validation letter is sent.
Discover more about how to use a debt verification letter. Visit www.debtvalidationletter.net where you can learn all about writing the best debt dispute letter and what it can do for you.
