Handling Bad Debt Selection Agencies

Are you being harassed by a debt collection agency? Not sure what your next move should be? When you’re getting phone calls and letters from debt collectors you probably feel as the wall space are closing in and you’re running out of options. Fortunately for you there are lots of lines of defense at the disposal of yours and we are going to read the very first and most important one; the debt validation sales letter… The debt validation letter is the most essential letter you can send to an agency as it pushes them to confirm that you own the debt they are endeavoring to collect. Just in case you don’t know, these agencies don’t play by the rules and they are not about to tell you exactly what the rules are; even in case they’re supposed to.

So here is what you are likely to do. You’re intending to compose a letter asking them to verify that the debt in issue is yours. Tell them they are incorrectly reporting negative info to the credit bureau which is not yours and demand that they provide verification that the account is yours via signed contract with your signature on it. Send the letter by certified mail so that you know that they got it.

The reason why you need to tackle them by mail is simply because nearly all of them have your information stored on a computer thus in a lot of cases they will not be prepared to provide you a copy of the initial contract. Having your information on a laptop is called evidence of debt, not proof of debt. The collection agency should demonstrate you own the debt or it must be gotten rid of from your credit report. The collection agency has thirty days to investigate the claim of yours so you will have to be atop them during this procedure. Don’t be afraid to follow-up with them every ten days or even so and when you do, be sure things are done via certified mail. Also during this 30 day period is it illegal for the debt collection agency to communicate with you while your statement is now being studied, so in case they do eventually call and write you do not think twice to report them with the FTC.

The very last stage in this method is to follow up with the collection company to ensure that the negative item that was not yours has been eliminated from your file with the credit bureaus. Send the collection agency a letter of confirmation asking them to provide proof that the merchandise has been gotten rid of from the credit report of yours and “cc” the 3 major credit bureaus also. By law they are expected to confirm that negative inaccurate information has been removed from the account of yours so once again if they fail to do this, do not wait to send a follow-up letter and report them to the FTC.

Year that is last there was over 120,000 complaints filed to the FTC against bad debt collection agencies; they realize you do not know your rights and take advantage of it.


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Dharmesh Jahah

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