When You Need a Debt Verification Letter

If you have agreed to pay your student loans back once you graduate, and you are still enrolled in school, or if you visit a doctor and have an insurance plan that is supposed to cover the cost of the visit, you may find that your credit report could reflect differently. If you see that your report includes inquiries about debts you don’t owe yet, it is time to write a debt verification letter to these creditors so that you can find out what type of payment schedule you should be on, and to verify that you are supposed to be paying on the debt. Debt verification letters are also necessary if you find a debt on your credit report that you don’t owe at all and have never agreed to—identify theft is more common than people think, and if you see anything suspicious on your report, you should send a letter to your creditors right away.

Sample Debt Verification Letter

In order to compose a letter that is professional and clear, you should include a few things. Make sure that the account number for the debt is displayed clearly at the top of the letter, and be sure to include the name and address of the company that you are receiving the collection from at the beginning of the letter as well. You should also make it clear that if you do have an account with this creditor, you are not denying this and you are not refusing to pay your debt. This letter is simply to notify the creditor that you have not received any prior documentation stating that you had to start paying the debt. As a general example, here is how the letter should look:

Your name/address
Your phone and email contact
Creditor’s name/address
Date
Account #
Dear Sir/Madam:
Description of debt and explanation of lack of notification.
Request for proper documentation

Closing
Your name


You may also want to include the fact that it is illegal for a creditor to begin collection on a debt without notifying the person responsible for paying first. This method should help you to come up with a payment plan with your creditors, and will help you to keep your finances organized and manageable. Starting the process as soon as you can is in your best interests.

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