The term “debt validation” refers to your right to request proof from a third-party debt collector that you owe what they claim you owe, and that they are legally entitled to collect that debt from you. This right is afforded to you under the Fair Debt Collection Practices Act (FDCPA), so it only applies to …
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Debt Statute of Limitations
The statute of limitations of a debt is the time period in which a creditor or debt collector may sue a debtor in order to recover a debt. The length of this time period varies by state and by the type of agreement between the creditor and the debtor (i.e. oral vs. written contract). The …
Which Debts Do We Pay For, Exactly
So, you’ve already learned about why negative information exists on your credit report in the first place. That’s definitely a good start — once you realize that it’s all designed to get you to pay up, you can feel a rush of power at knowing how to really settle the score. If you know that …
Sneaky Credit Card Tricks That Can Really Mess Up Your Plans to Get Out of Debt!
Trying to get your credit life back in order can be easier said than done. What you’re going to have to focus on is getting credit, protecting that credit, and making sure that you will be able to really keep the credit going for a long time to come. You can’t ride off of good …
More On Time Barred Debts
So let’s cover time-barred debts a little bit more — they come up a lot, and if you’re trying to get targeted about how you’re going to repay your debts, they matter a great deal. You see, if you waste all of your money paying time barred debts, you have less money to actually pay …
Staying the Course with Your Debt Repair Plan
When you’re trying to get out of debt, it can feel like you’ve just been asked to go out and collect all the water out of the ocean with just a paper cup. Oh sure, you might get a few cupfuls out, but eventually the paper cup will disintegrate and you will just be tired, …
Pay For Delete Agreements
A pay for delete agreement is a tool you can leverage to remove collection accounts from your credit report. Any time you request validation from a collection agency/junk debt buyer and they respond with adequate validation, you’ll need to pay them, but you should always attempt to negotiate a pay for delete agreement with them …
Debt Validation Sample Letter
Here is a debt validation sample letter that you might send to a collection agency or junk debt buyer to request that they prove the validity of a debt they are trying to collect from you. Feel free to use your own words and tailor the letter to fit your particular situation. Remember to send …
Junk Debt Buyers: Who They Are and How to Handle Them
A junk debt buyer (JDB) is a company that purchases uncollected debts from original creditors. This may include charged-off debts; debts included in bankruptcy; debts that are past the statute of limitations; and the remainders of settled accounts. The difference between a JDB and a collection agency is that collection agencies attempt to collect debts …
Sample Statute of Limitations Dispute Letter
Here is a sample statute of limitations dispute letter that you might send to a collection agency or junk debt buyer if you are being pursued for a debt that is past the statute of limitations. Please note that you should use the sample letters on this site as guides, rather than simply copying and …