Validating debt with collection agency

Posted by / 22-Jun-2017 23:21

Validating debt with collection agency

In an effort to help you better understand the risks of requesting validation on a valid debt.The common practice when an account is disputed is to validate it.Which leads me to another consideration you should make: there is no time limit on how long a collection agency or junk debt buyer has to provide you with debt validation.The collection agency or junk debt buyer can respond to a validation request years later.However, you may want to read this article so you may educate yourself for the future.I recently spent a little over 7 hours watching the videos produced by the FTC covering their recent debt collection workshop that took place on June 6th, 2013.

I explain them in detail at the end of this article.

As shown in Table 14, the Commission’s analysis of 713,308 disputed debts in 1,853 portfolios revealed that debt buyers reported that they verified 51.3% of the debts that consumers had disputed.

In addition, debt buyers reported that they were more likely to verify debts that they had obtained from the original creditor (55.7%) than debts they had acquired from other debt buyers (35.9%).

Unless they come from the debt collection industry, they would have no way of knowing how debt collectors think and react to these letters.

Generally, the advice on sending a debt validation letter on a valid debt is premised on making sure that the collection entity who is attempting to collect from you is legitimate.

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One, if they feel that you are uncollectable, they may not find it personally beneficial to bother with validating the account.

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