Public Financial Knowledge Infrastructure: What is Validating a Debt?

    Here is another very basic post, meant to be useful for anyone wishing to give a 5-minute seminar at the Metro/Trolley/Bus stop.  Please feel free to print, handout, repost, and share widely.

   Last week, we defined the phrase Statute of Limitations for four types of debt.

    We mentioned that a crucial point to remember is that in most states, the clock can restart on an old debt if you promise to pay, or make even a token payment on an old or expired debt, which is why it is very important to be careful in dealing with debt collectors of any type, even if the debt has  been validated.

   Validated?

     Validating a debt is the process of sending you certain required information that proves you to be the person owing a certain debt.

    Federal law requires certain information, so be careful to get all of the details:  this site, for instance (unless I missed it in the fine print), neglects to mention the ‘tear-off’ that collectors must send you, right?

      Details matter.

     So, if you know someone being called by debt collectors, let that person know that they should ask, preferably in writing,  that the collector Validate the Alleged Debt.  Lots of sample debt validation letters are available online.

   Please share widely, and we’d love links here to some great sample letters you find or write!

      Using this information now, if your debt is valid, you can get help finding out if it is Time-barred, yet. 

      More, after that, on how to help change this by mailing your state legislators in another week or so.

Shira

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