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Debt Validation

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Debt Validation

What does a debt collector need to provide as debt validation?

One of the following items is necessary for debt validation.

    • Proof that the collection company owns the debt/or has been assigned the debt. (Bob is legally entitled to collect this particular debt from you.) This is basic contract law. It is very difficult to get a judgment without a direct contract between collection agency and the original creditor.
    • A copy of a statement from the original creditor. If you really want to get sticky, you can pin them down on the amount of the debt by requiring complete payment history, starting with the original creditor. (How the heck did Bob calculate this debt? What fees/interest Bob has tacked on to this debt and how he determined these fees?) This requirement was established by the case Fields v. Wilber Law Firm, Donald L. Wilber and Kenneth Wilber, USCA-02-C-0072, 7th Circuit Court, Sept 2004..
    • Copy of the original signed loan agreement or credit card application. (Your contract with Joe establishing the debt between you.) However, account statements from the original can fulfill these requirements.

 

  • A copy of a canceled check from you to the original creditor.

The Consumer Financial Protection Bureau oversees the activities of debt collectors. Here is their information on what information needs to be provided to you.

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