What is Debt Validation?

While I gather all of the tons of sample letters together to share with you, I'd like to touch on another topic, debt validation. What is debt validation, also known as "DV"? It's a validation of debt, in other words a verification that a debt is owed and belongs to the the "debtor" whom would be the consumer.

If you obtain a copy of your credit report and you see an item which does not belong to you, you can send the creditor and/or collection agency what is known as a debt validation letter. A sample debt validation letter can be found by clicking here. Basically, you're asking the company to verify that you have a debt with them. By law they have approximately 30 days to respond to your request for validation. If they do not respond within 30 days you may follow up with a second request allowing 15 additional days (a total of 45 days). If after the second request you still have yet to receive a response, send a copy of the letters along with a letter to the credit reporting agency for which the account is being reported on. This method has worked for me a number of times and although some creditors / collection agencies tend to be a little more stubborn than others the end results usually work in your favor IF they are unable to verify that you owe the debt.

More sample letters will be posted momentarily, please keep checking back.

First Things First : Get A FREE Copy Of Credit Report

Did you know that by law you're entitled to at least one (1) free copy of your credit report from all three (3) credit reporting agencies per year?

Furthermore, if you are denied credit for any reason you may also request a copy of your credit profile even though you may have received a free copy prior to receiving a notice of decline letter in the mail.

Here are ways that you the consumer can go about obtaining a FREE copy of your credit report from Equifax, Experian and Trans Union - the three (3) major credit reporting agencies.

• www.annualcreditreport.com for all three (3) copies of your credit report.
• www.experian.com for a free copy of your Experian credit Report.
• www.consumerinfo.com - read the fine print a monthly fee may be associated with obtaining a free copy of your report.

You may also choose to call or write to the following to request a copy of your credit report:

Equifax - PO BOX 740241 ATLANTA GA 30374, P: 1-800-685-1111

Experian - PO Box 2104 Allen, TX 75013-2107, P: 1-888 397 3742

Trans Union - PO Box 1000 Chester, PA 19022, P: 1- 800 888-4213

Once you've received all three (3) credit reports, analyze them to see if there are any erroneous information and/or if there may be accounts that are on one and not the other. Make a list of those accounts and you can begin to take the necessary steps to disputing and correcting that information.

**Next topic: Disputing erroneous and inaccurate information on credit reports and sample letters**