DEBT VALIDATION: ARE YOU REQUIRED TO PAY A DEBT JUST
BECAUSE A COLLECTION AGENCY SAYS YOU OWE IT?
Many times, a debt collector will demand payment for
a bill, even if you have no idea what they are talking
about. This bill can really be in existence, but may have
fallen out of your memory. Or, the billing party may have
either sent the bill to the wrong address or never sent
it at all. However, this debt can also be prefabricated by a
third party looking to collect on a non-existent bill.
What can I do if a bill is sent to them that I am
Consumers have rights that protect them from certain debt
collecting scenarios. According to the All debts must be
the Fair Debt Collection Practices Act, Paragraph 809,
all debts presented by bill collection companies must be
validated according to the following guidelines:
-- the total amount of money
-- the name of the party/creditor looking to collect the debt
-- a statement that affirms the debt as being valid if the consumer does
not dispute any part of the debt within 30 days after
-- if requested by the consumer, a statement that will provide the name
and address of the original creditor, if different from
the current creditor, within 30 days of the consumers
If the debt collector can not fulfill any of the
obligations above, the collector must stop its quest of
collecting the debt until they can provide the consumer
with the name of the creditor and the total amount owed.
If you, the consumer, does not dispute
the debt, then you are going to be required to pay it.
the basics of collection companies, the procedure
they use for collecting debts and how you can negotiate
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