The Fair Credit Reporting Act protects you from unscrupulous methods collection agencies use to collect money owed on a debt. Sometimes these debts are marked up as much as 150% of the original amount owed. These agencies can be challenged in a court of law to be removed from your credit report, before they create havoc in your financial life and irreparable damage to your credit rating.
Many times the original debt is a minimal amount. However, once the debt has been charged off your account can be sold to a collection agency. At this point, the purchaser of the debt can mark up the total amount in order to make a profit. This often comes under the guise of fees, interest rates and penalties. LVNV is one such collection agency whose business practices and collection process are questionable and who use derisive tactics for collection.
You must protect your self from scurrilous collection agencies by using debt validation. It is a process of demanding proof of this debt, requesting detailed information and collection of facts to prove your case in a court of law. It is important to protect yourself.
There are many reasons to use debt validation. Collection agencies may not even be leaglly entitled to collect the money from you. Legislation enacted under the FDCPA (The Fair Debt Collection Practices Act) protects you from receiving fraudulent collection requests. This does not protect you from the original creditor such as credit card companies – if you owe the debt, you legally have to pay it. There are steps in a lette you can take to begin your process of debt validation.
Your letter should be sent to all three credit reporting agencies and should include several key questions and information confirmed. Your letter should be sent certified mail with return receipt requested. Tell them the collection agency is violating your rights by listing an inaccurate or erroneous account, and to correct or delete this entry on your credit report. Ask that if the debt is deleted that they will not allow the collection agency to reapply for collection.
Also write to the collection agency itself by certified mail, return receipt requested. Ask to be provided with the following information: How much is the debt; what is the calculation they have applied (which will show the additional fees, penalties and interest); proof of contract; proof the statute of limitations has not expired (if it has, you are not liable); their licensing authority to collect the debt proof they are licensed to collect in your state.
Free 19 Page Collection Agency Deletion Guide at www.lvnvfundingcollection.com. Stop Lvnv Funding in its Tracks. Fast, Easy, and Free.
