Debt Verification Letter
Debt verification letter summary:
You can send a debt verification letter to a debt collection agency to ask them to prove you actually owe the debt and that the agency has the right to collect from you.
You must send your debt verification letter within 30 days of getting a notice from the collection agency.
Debt collectors must stop collection activities when they receive your debt verification letter until they send a response.
Debt Verification Letter Definition and Meaning
A debt verification letter (sometimes called a debt validation letter) is a letter you send to a debt collection agency to answer its initial notice. Collection agencies must send these notices under the Fair Debt Collection Practices Act (FDCPA) within the first five days of contacting you. This gives you a chance to dispute the debt if you don't think you should have to pay.
You generally have 30 days from receiving the notice to send your debt verification letter. This letter can help you get more information about the debt and the collection agency to determine whether you really owe it.
Key Aspects of a Debt Verification Letter
Sending a debt verification letter is your opportunity to verify that the debt is real and the collection agency can legally request payment from you. Once you submit a debt verification letter, the agency must pause collection efforts until it has responded to your request.
The details in a debt verification letter vary, but usually you want to ask for the following:
Information about the original creditor, including name, address, account number, amount owed, and age of the debt
A copy of the original loan agreement that proves you are obligated to repay the debt
A breakdown of the debt, including principal owed, interest charges, and late fees
The debt collection agency's license to collect in your state, and the name and contact information of the agency that issued the license
If you're not sure where to begin, the Consumer Financial Protection Bureau (CFPB) has several sample debt verification letters on its website that you can use as a guide.
Debt Verification Letter FAQs
How long do debt collectors take to respond to debt verification letters?
Under the terms of the FDCPA, debt collectors have five days from their initial communication with you to provide basic debt validation information. They may take longer than that to reply to more detailed debt verification requests. While there is no time limit for when they must respond to those requests, they are not allowed to continue collection activities until they respond.
How can I file a complaint against a debt collector?
You can contact the debt collector and ask them to stop, or you can sue them. You can also submit a complaint with the Consumer Financial Protection Bureau, or contact your state’s attorney general.
What is the most common FDCPA violation?
Attempts to collect debts that are no longer owed are common. Other common violations include harassment, making threats, excessive phone calls, and using false information.
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