debt validation is your weapon ...

Are Debt Collectors pressing you for a debt which you are not aware of? Being forgetful is very common nowadays. Consumers often fail to remember debts taken long back. But it is also possible that a third party is trying to impose a false debt on you, either by mistake or intentionally. At such times you feel at a loss. Debt Validation is the weapon to fight against such odds.

Debt Validation: Debt Validation is your legal right to protect yourself from the clutches of deceitful and unethical debt collectors. This puts a check on the Debt Collectors' actions & governs them.

Debt Validation Law: The Fair Debt Collection Practices Act (FDCPA)* 1996 amendment included Consumer Credit Protection Act to prohibit abusive practices by debt collectors. Title VIII, sec. 809 of this act gives legal recognition to Debt validation. The law states that debt Collectors are bound to issue a written notice within the first 5 days of initial communication with a consumer for debt collection, specifying the following:

• Specific amount of debt along with the name of the Creditor.
• A statement that unless the consumer dispute the validity of the debt within 30 days of receiving the notice, the collector will assume the debt to be valid.
• A statement that the debt collector will obtain verification of the debt or a copy of judgment against the consumer in case of debt dispute.
• A statement that consumer will be provided with the name and address of the original creditor, if different from the current creditor, on written request by the consumer within 30 days.
• A statement that the communication is from a debt collector attempting to collect debt and that information obtained will not be used for any other purpose than this.
• A proof that they are assigned to collect the debt by a creditor.
• Detailed payment history, starting with the original creditor.
• Copy of the original signed debt agreement or credit card application.
• Agreement with any of your clients that grants you the authority to collect on this alleged debt.
  Restrictions on Debt Collectors: Debt Collectors are not allowed to do the following before providing with Debt Validation:
• Collect debt
• Contact the consumer about debt
• Report under FCRA (Fair Credit Reporting Act). Violation of this can however take away $1,000 as penalty from the collector. So go ahead and exercise your rights. And pay debts only when it's yours.

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* http://www.debtconsolidationcare.com/fdcpa.html