CREDIT REPORT CORRECTION
Disputing inaccuracies on your credit report begins with a letter to the credit reporting agency (Experian, Transunion and/or Equifax) that is reporting the disputed information. The letter must include your name, address, each item in the report that you dispute, why you dispute the information, and a request that it be removed or corrected. You should include copies of any documents that support your position.
DEBT COLLECTION ASSISTANCE
The dispute/validation process is intended to notify debt collectors that they are trying to collect debt from the wrong person or attempting to collect debt which the consumer has already paid. If the consumer does not dispute owing the debt within the 30 day time period, the debt collection company may assume the debt is valid.
Disputing the debt and requesting validation should be the first thing a consumer does upon receipt of an initial debt collection letter from a debt collector. Depending on how the debt collection company obtained the account, they may be unable to obtain validation and will cease all collection activities.
BANK & CREDIT CARD BILLING ERRORS
Disputing inaccuracies on your credit report begins with a letter to the credit reporting agency (Experian, Transunion and/or Equifax) that is reporting the disputed information. The letter must include your name, address, each item in the report that you dispute, why you dispute the information, and a request that it be removed or corrected. You should include copies of any documents that support your position. Try to be as specific as possible in explaining why you believe the item on your report is a mistake. The reasonableness of the investigation that follows your dispute is evaluated according to the amount of information you provide.
DEBTOR REPRESENTATION
Debt collectors have multiple means of collecting debt. Two primary forms are judicial and non-judicial collections. Judicial collections refers to collections involving the legal system, such as wage garnishment or debt collection lawsuits. Non judicial collections refers to phone calls or letters sent by the debt collection company.
There’s been a surge in judicial collections; notably lawsuits. Debt collection companies receive bulk portfolios of debt containing thousands of accounts, then retain counsel to sue consumers to collect the past-due debt. Due to the mass transfer of accounts, the debt collection company receives minimal account information such as the consumer’s name, address, phone number, account number and last date of payment. Oftentimes the information is incorrect, out of date, or outside the prescription period/statute of limitations. Consumers need to confirm the debt collection law firm is filing a proper collection action.