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The third party is the credit bureau or the consumer reporting agency.These are companies like Experian, Equifax, and Transunion.In that case — or if you never received a validation notice — you can request a verification letter proving this debt is in fact yours.Verification letters are best used in two circumstances: If the debt is nearing its statute of limitations, for example, you may be better off ignoring debt collection notices than drawing more attention to yourself with a verification letter. The key is to be thorough in your request for debt verification.First, there is the original creditor: the person or company who is owed money.This is the credit card company, the doctor’s office, or the landlord who is trying to collect on a bill.We’ll take you step-by-step through the debt validation process so that you know your rights as well as the best action to take to get your credit back on track.
The credit bureau keeps the information on file and various entities use the credit bureau’s reports to make judgments about an individual, such as a lender to determine whether or not an individual gets a loan and at what interest rate.This option is best if you plan to pay the debt in collections.These two letters are important because errors in debt collection are common.If you encounter such behavior, you can file a complaint with the Consumer Financial Protection Bureau.The letter below is a sample debt validation letter.
The Fair Debt Collection Practices Act (FDCPA) gives you the right to request validation and provides you many other protections against debt collectors.