It’s not uncommon to receive a phone call or notice in the mail from a collection agency looking for payments. Do you have a debt validation letter?
Under the Fair Debt Collection Practices Act (FDCPA), collection agencies are required to provide proof that the debt is legitimate, that the debt is legally yours and that the collector has the right to collect on behalf of the original creditor.
Debt validation letters are valuable assets during the debt collection process. Mistakes are common and can often lead to you paying off debt you don’t owe or that are past the legal statute of limitations.
Here’s what you need to know:
3). Your rights are not protected if you make your debt validation request over the phone.
Debt validation letters are designed for consumers’ protection. Before any money changes hands, collectors must prove that their debts are legitimate. Requesting verification of debt is a quick and legally recognized way to establish legitimacy before you proceed to negotiate with a debt collector.
Article Source: The Balance and Credit.org