Individuals who are in need of debt resolution services rely on Freedom Loan Resolution. Freedom Loan Resolution offers a wide array of debt resolution services that can help you get out of the troubling situation that you are in. At the start of any debt resolution, the first course of action is requiring proof that you owe the debt, something that is often referred to as debt validation.
Debt Validation
If you owe on a debt that is in collections that has been purchased by a third party, regardless of whether or not you owe the money, you should require that the debt collector proves your debt is valid. In some cases, as debt is bought by debt collectors, proof of debt is lost in the mix. Why pay if the third-party collector might not even be able to show they have the legal right to collect from you? After all, if they can’t prove they have the right, you may legally have the right not to pay.
Debt validation breaks down proof of debt into several types of documents, including but not limited to: your debt is valid including proof of assignment or proof of sale, your debt is legally within the statute of limitations, the third-party debt collector’s information is accurate, and complete accounting of the alleged balance owed. Without these types of documents, even if you may in fact owe the debt, you may not be legally required to pay the debt back.
Working with Freedom Loan Resolution for your debt validation and settlement can yield better results. What this can mean for you as our client is that the their can be offers for lower amounts, but the offers tend to come in a shorter time frame upon starting the debt settlement process. Speaking with one of our experienced debt validation and resolution counselors can be well worth your time.
Laws in Place to Protect Consumers
There are several laws in place that aim to protect consumers from unfair business practices and predatory measures. These laws include:
Fair Debt Collections Practices Act (FDCPA) – The FDCPA protects you from debt collectors that use abusive, deceptive or unfair practices. This is the primary law relating to Debt Validation.
The Fair Credit Reporting Act (FCRA) – The FCRA protects you from the entry of inaccurate information on your credit report. This law is crucial when removing invalidated accounts from your credit.
The Truth In Lending Act (TILA) – The TILA protects you from mistakes when an original creditor or third-party collector demands an inaccurate amount, allowing you to dispute transactions and balances allegedly owed.
The Fair Credit Billing Act (FCBA) – The Fair Credit Billing Act is an amendment to the Truth in Lending Act. It is part of the federal consumer protection law that protects you when billing errors occur.
The Credit Card Act of 2009 – The Credit Card Act of 2009 protects you from excessive interest rates, unfair interest rate hikes, and penalty fees.
Contact the experts at Freedom Loan Resolution for your debt resolution and validation needs, call 949-272-8538.