4 Debt validation FAQ you must know

Do you know what validation of debt is? Well, it can be defined as a process by which you ask a collection agency to prove that it legally owes the debt. When you ask for it, the collection agency actually sends you a proof that your debt is a valid one. Here are some common FAQ that would help you gather knowledge regarding debt validation.

1. Are debt validation and debt verification the same?

You are not alone if you confuse debt validation with debt verification. In debt verification, the collection agency gives you in writing the name and address of the original creditor along with how much you owe to him. Whereas in debt verification, the collection agency also provides you with the evidence that it legally owes the debt.

2. What are the documents provided by the collection agency to validate debt?

A debt collector or a collection agency needs to provide the following documents for debt validation.

• Account statements from the original creditor.
• Proof that the debt collector either owns the debt or has been assigned to collect the debt.
• Copy of the original agreement with the creditor.
• The amount you owe to your creditor.

3. What should be your next step if you don’t receive a debt validation notice?

It may happen that the debt validation notice is included in the first communication from the collection agency. However, you can send a debt validation request regardless of whether or not you’ve received the validation notice from the collection agency/debt collector. While doing so, make sure you send the validation request within 30 days from the day the collector contacted you for the first time.

If the debt collector doesn’t validate your debt, they should stop contacting you any more. The collector should not send letters or make phone calls. Moreover, it should also stop reporting the debt on your credit report(s). It is against law (FDCPA rules) to make collection attempts if the debt collector doesn’t validate your debt.

4. How can you prove that the debt collector has received your validation request?

It may happen that you need to show proof that you’ve sent the validation letter within the 30-day period. So, you should always send letters for debt validation via certified mail with a return receipt request. When required, you can show the return receipt to prove that you’ve sent the validation letter on time. Even if you don’t receive the return receipt, you can always check the status of the validation letter with the United States Postal Service by using the tracking number on your certified mail.

Do you have any other questions in mind regarding what is validation of debt? If yes, then you can get help from debt forums to know the answers. You can post your queries in the debt forums and the experts in the field will answer your queries thus making you more knowledgeable regarding the process of debt validation.