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Friday, September 18, 2009

Validation of Debt: how to identify?(2)

I am back with the continuing next part of my previous discussion regarding different facts of debt validation, & the ways to identify a real validation. Here, I would like to share with you some more necessary points that helps to identify a genuine debt validation.

1) One of the mostly practised way of debt validation is sending the debtor a copy of his/her loan agreement with the creditor….and the copy is signed by the debtor himself. This method is of a genuine debt validation procedure, where the signature of the real debtor has to be in that agreement. Therefore, you must look for your own signature in that.

Another point of precaution: believe me, so many dishonest debt collection entities are operating in market now…..they are conning those diligent individuals. The list of frauds of this profession is seemingly endless now. So you must not trust any debt collection agent, and NEVER take any promises made by them…..when it comes to your debt validation. You possess the sole authority to claim that the collection agency demands that the debt amount is of you and they have got the power to collect it.

3) Often, in the name of a validation, just a print out with your name and the amount of your unpaid debt is sent to you…it is a quite known practice, and many debtors have already experienced it. BUT, REMEMBER: that is not a real validation. Therefore, a debtor must not be deceived by this kind of inappropriate debt validation report, and one has to understand the things that validation does not imply.

4) While placing a validation request for his/her debt amount, always a debtor should ask for a written record. Another kind of true validation is a report of the debtor’s account with the creditor, the payment making history and a signed written notice from the original creditor.


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