Deuteronomy 15:1-3
15:1 "At the end of every seven
years you shall grant a release of
debts. 2 And this is the form of the
release: Every creditor who has lent
anything to his neighbor shall
release it; he shall not require it
of his neighbor or his brother,
because it is called the LORD's
release. NKJV
Under Federal
law you have the right to challenge a Creditor
or Collection Agent to "validate"
any debt they are trying to collect on. This
means they must produce, among other things,
a signed contract or application complete
with the terms and conditions of the loan, and
the bookkeeping procedures that got them to
arrive at the amount they are asking for. If
they fail to validate, they must stop reporting
the debt to the credit bureaus and stop calling
you. At the same
time you demand the Credit Bureau "verify" the
accuracy of your disputed account with the Collection
Agency. If the Credit Bureau legitimately contacts
the Collection Agency and are told you are disputing
the account. The Credit Bureau must remove the
disputed item from your report. If your alleged
debt is not removed, either the Credit Bureau
did not legally verify the debt, or the Collection
Agent lied to the Credit Bureau.
Click here for a little flow diagram to
help you sort out the debt validation process.
You need to start the Credit Bureau process
along with the Collection Agency process at the same time.
