What is considered debt validation

Date: Thu, 09/10/2009 - 13:18

Submitted by anonymous
on Thu, 09/10/2009 - 13:18

Posts: 202330 Credits: [Donate]

Total Replies: 3

I have a question about debt validation. I am trying to clean up my credit report and score. The mark on my credit has been there since 05. Should I bother asking them to validate the debt? Also would the collection company have to provide me with an original signed agreement saying I agreeded to pay what they say I owe? Also if my report says I owe 400 and they are saying I owe more, what should I do?

I have read conflicting statements on what is considered debt va

I have read conflicting statements on what is considered debt validation and what is not.

lrhall41

Submitted by on Thu, 09/10/2009 - 13:19

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Under Section 808 Unfair Practices of the Fair Debt Collection P

Under Section 808 Unfair Practices of the Fair Debt Collection Practices Act under the Consumer Credit Protection Act, federal law prohibits a debt collector from collecting any amount (including any interest, fees, charge, or expense incidental to the principal obligation) unless such amount is expressly authorized by the agreement creating the debt or permitted by law.

If a debt collection agency owns your account, and you did not expressly enter an agreement to pay interest and fees to that collection agency, than they cannot charge you anymore than what the already existing balance is.

lrhall41

Submitted by Shazzers on Thu, 09/10/2009 - 13:27

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Quote:Originally Posted by AnonymousI have read conflicting stat

Quote:

Originally Posted by Anonymous

I have read conflicting statements on what is considered debt validation and what is not.

That's because the FDCPA is extremely vague on the subject so it really comes down to opinion. However, if they can't prove it to you to your satisfaction, it is better to let it go to court and there file a Motion for Discovery, which is far more comprehensive.

In other words, if you do not think what info they provide constitutes validation, then it doesn't. If you think it does, then it does.

Hopefully, they pass an updated version very soon, but it looks like at least a year out. :(

lrhall41

Submitted by Chrys Henderson on Fri, 09/11/2009 - 00:22

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