How to File for a CFPB Debt Validation Letter Without the Hassle
Have you received a collection notice from a collection agency? Dealing with debt can be overwhelming for many, but the first step is to understand what you should do in the event you receive a letter in the mail about debt from a creditor. While the first instinct may be to quickly pay the debt, it's always important to send a letter asking the creditor to validate the debt before taking any further steps.
Here at DoNotPay, we know that managing your debts is important. When you receive a letter from a collection agency, it can certainly feel discouraging and confusing about how you should follow up. Today we're going to show you how you can successfully request a CFPB debt validation letter on your own and why using DoNotPay's product can help you get the resolution you need with your debt.
Why Should You Request a Debt Validation Letter?
The key to financial freedom is being able to pay off your debts. This is why many people often come up with a plan to quickly pay a debt once they've received an unexpected debt collection notice. While it's important to pay your debts, it's even more important to validate the debt before taking ownership by sending a debt verification letter. Sending a debt verification letter is important because:
- It allows you to validate whether the debt is yours.
- It halts the collection process.
- It allows you to ensure that the agency hasn't included fees you're not obligated to pay.
Even more, many debt collection agencies don't have all of the paperwork and won't respond to your verification letter, which is against the law according to the Fair Debt Collection Practices Act.
Steps to Writing a Debt Verification Letter on Your Own
If you're being pursued by a collection agency, the collectors must send you a written notice within 5 days of their initial contact. If they don't send you a debt validation letter, request one from them.
Benefits of a Debt Verification Letter
A debt verification letter can be useful for the following reasons:
- Help you determine the exact amount that you owe the agency
- Collect documents that help verify the debt they claim you owe
- Gather information on who the original creditor was
- Determine how old the debt is
- Halt the collection proceedings
Debt Verification Letter Template
"To whom it may concern:
This letter is not a refusal to pay. However, I am writing this letter to dispute the claim and request debt validation. I have the right to request debt validation under the Fair Debt Collection Practices Act (FDCPA) for the debt that you claim I owe. I am requesting that you provide proof of the debt that I am, in fact, the party that you are requesting to pay this debt and that I have a contractual obligation to pay this debt.
This is a request for validation made pursuant to 15 USC 1692g Sec. 809 (b) of the FDCPA. I ask that your offices provide me with evidence that I am legally obligated to pay you.
If your offices continue to report information that isn't validated to the three major credit bureaus, including Experian, Equifax, and TransUnion, this action might constitute fraud under federal and state laws. With that said, if negative remarks continue to persist on my credit reports, I will bring legal action against you and your client based on the Violation of the Fair Debt Collection Practices Act and Defamation of Character.
If your office can provide validation, I will require 30 days to investigate the information, during which time collection must cease and desist."
When writing your sample letter, you must request specific information from the collection agency, such as:
- Alleged account number
- Name on file for the alleged debtor
- Date the alleged debt became payable
- Date of original charge-off and delinquency
- A complete accounting of debt
- Any judgment obtained by the creditor
You ultimately want to gather as much information that associates you with this debt to validate its accuracy.
Create a Debt Verification Letter with DoNotPay
Disputing debt can certainly feel overwhelming. Understanding your rights as a consumer and including all of the appropriate information to dispute debt from a creditor isn't always a simple process. Let DoNotPay help you clean up your credit report by walking you through the process step-by-step.
Here are the 4 ways DoNotPay can help you clean up your credit report.
|1. Filing a Goodwill Removal Request Letter||If you have older, negative information pulling down your credit score even though you've already paid the collection account or have been making regular payments, the best thing to do is to file a "Goodwill" deletion request. This involves asking your creditor to remove the item from your report out of goodwill since you've already paid off the balance.|
|2. Sending a Credit Dispute for Inaccurate Reports||If there are any errors in your report, you can file a dispute with the major credit bureaus. Under the FCRA, they're required to correct any errors or remove the mark completely if they aren't able to validate and correct it.|
|3. Submitting a Debt Validation Request||The next thing you can try is submitting a debt validation request. This is especially important if you have any reason to believe that this debt doesn't actually belong to you. The creditors cannot collect any money while they process the validation request. However, the validation request can only be sent if it's been less than 30 days since you were first contacted by the collection agency.|
|4. Mailing a Pay-to-Delete Negotiation Letter||The last option we can help you with is mailing a pay-to-delete negotiation letter. This is a letter requesting a settlement, where you agree to pay part of the debt in exchange for getting all of the negative marks removed from your account.|
What Else Can DoNotPay Do For Cleaning Up Credit Reports?
Requesting a CFPB debt validation letter isn’t all you can accomplish with DoNotPay. Look at these other credit score related issues you can navigate using DoNotPay:
- Learn how to improve credit scores
- Learn how to dispute credit reports
- Learn more about debt validation letters
- Learn how to remove debt collections from a credit report
- Learn about credit dispute letters
- Learn how to remove late payments from credit reports
- Learn how to fix credit scores
- Learn how to remove inquiries from credit reports
Disputing debt doesn't have to be a difficult process. DoNotPay makes it easy for you to request a debt validation letter and get the information you deserve. DoNotPay is fast, easy, and simple. We'll walk you through the process step-by-step. What's even better is that you get to do it from the comfort of your own home. Sign up today to clean up your credit report.