What's a validation of debt letter?
If you see something on your credit report that you haven't been notified about,
such as collection action from a doctor's office or student loan company, and you
were not aware that this account was being collected on, a validation of debt letter
is in order. This letter is sent by you the creditors requesting that you have written
proof of the debt. You should also request in the letter that further inquiries
on your credit report be stopped until you have the necessary documents to know
where the debt is coming from and how much you owe. People also use validation of
debt letters when they have been victims of identity theft, and want to have certain
debts removed from the credit reports that they did not create.
Your validation of debt letter format
You should compose the letter the same way you would any formal letter, your name
and address at the top of the page, followed by the creditor's name, address, and
the date. You should also include the account number for the debt, which should
always be included in the documents you receive from the company. After giving a
formal greeting (i.e. Dear Sir/Madam), you should take about a paragraph or so to
explain your reason for the letter, and you should give your request to have written
proof of the debt. Also, make sure that you mention that failure on the creditor's
part to provide you with written documentation will result in legal action being
taken-no creditor is allowed to affect your credit by collecting on a debt without
sending you written warnings first.
Sample Letter Examples
If you want to see a few sample of the debt validation letter before you send yours
off, you can visit sites like credit.about.com
so that you will know just how to structure your letter after you've gathered all
the necessary information that you want to include. Taking control of your finances
and knowing exactly what is on your credit report is one of the biggest steps toward
financial freedom, and a validation of debt letter can definitely help you to reach
your goal of effective debt management. Get started as soon as possible and keep
copies of everything for your records.