A debt validation program can help you fix your unfavorable financial situation. Likewise, it can help to stop the harassing calls from debt collectors and possibly help to improve your credit score.
Most consumers prefer a debt validation program when addressing the various forms of their unsecured debt. This program forces the debt collector to prove that they have the legal right for collection of the debt. A majority of unsecured debt is invalidated due to the debt collectors failure to produce the necessary information.
The debt collection companies are required to prove that the alleged debt is valid, verifiable, and collectable. Thus they must prove:
- They are following the federal laws that were put into place by the FTC
- They have maintained accurate and complete information
- They are able to produce all requsted documentation that the consumer is legally entitled to have
- They have the necessary licenses in place to collect on the debt
You don't have to pay anything to the collection agency
It is possible to walk away from the debt without paying anything. Federal law requires debt collection companies maintain complete and accurate business records. If these debt collection companies fail to do so, then they are not legally allowed to collect on the debt.
With debt validation you wind up paying less
With debt validation there is a much greater liklihood of the account being removed from your credit report
With debt validation you will receive faster results
With debt validation there will not be any taxes applied to an invalid debt
The debt is legally deemed uncollectable and cannot be reported on your credit report
You do not have to pay any monies to the debt collection company