What steps do I take to validate a debt?

Question

I guess Im a little slow. I have several old debts that I want to get validated, or dismissed. What steps, in detail do I need to take to get them validated? And what do I send to the credit bureaus?

Answer 1

Here is a pretty good link that goes through all of the steps needed to validate the debt.

Answer 2

You could dispute them as not being yours with each of the credit bureaus. The credit bureaus request verification from the creditor who pretty much just says "yes, that's correct". But sometimes the creditor won't respond and the item will be dropped off your report.

However, if these are valid bad debts. You need to send a letter to the creditor requesting proof that the debts are yours. Ask for signed contracts or other documentation that prove the debt and that the collection agent now owns the debt. Do not admit to owning anything. Give them 30 days to respond. Send the letter certified mail, return receipt.

If the creditor fails to respond after 30 days, file another dispute with the credit bureau. Enclose a copy of the letter you sent to the creditor and indicate that the creditor has failed to respond and ask that the debt be removed.

The ones that respond, it's time to start negotiating settlements. Get settlement agreements in writing and DO NOT give credit agencies access to your bank account. You can probably settle most for half to 3/4, depending on how old they are. If they are really old probably less. But don't expect any long term payment plans. You need lump sums.

If any of the debts are close to 7 years old, you may want to just let them fall off your report.

Answer 3

You may want to read the article on "Debt Validation" below.