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Debt Validation

Date: Fri, 07/29/2005 - 21:22

Submitted by anonymous
on Fri, 07/29/2005 - 21:22

Posts: 202330 Credits: [Donate]

Total Replies: 2


Hi, I am in the process of writing a debt validation letter to a CA. In all the sample letters I find online it states that I should ask for proof that the CA owns the debt, Original signed loan agreement, complete payment history, proof that the CA owns the debt etc. But nowhere in the fdcpa do I find that they need to prove all that, only who the original creditor is and the amount owed. Where can I find out exactly what they are required, by law, to provide as validation?
Thank you in advance


Hi Martin

Under 15 USC 1692g of the debt validation act, the debt collector is legally required to furnish the following details while making any collection effort on the consumer:

  • He needs to show the legal paper showing the amount of the total debt.

  • The name of the creditor from whom the debt is taken by him.

  • The collection agency has to issue a statement that if the consumer does not dispute the debt within 30 days after validation, or any portion thereof, the debt will be considered valid by the collector.

  • A statement has to be produced that if the consumer disputes the debt within 30 days period, the collector has to obtain verification of the debt or a copy of a judgment against the consumer and a copy of such verification or judgment will be mailed to the consumer by the debt collector; and

  • The debt collector also has to issue a statement mentioning the name and address of the original creditor, if it is different from the current creditor upon the consumer's written request within the thirty-day period,

    For an accurate picture of the debt collection practices as per the fdcpa act, please read this link of the Federal Trade Commission.

    ftc.gov/os/statutes/fdcpa/fdcpact.htm

    Regards
    Roxette


    • lrhall41

    Submitted by roxette on Mon, 08/01/2005 - 11:20

    ( Posts: 4009 | Credits: )