Question

What is validation of debt?

Answer

Validation of Debt (VOD) is the single greatest tool you can use to deal with collectors. What it means is that you have 30 days from the time a collection agency contacts you to ask that certain documentation be provided by the collection agency to validate the debt. If the agency cannot validate the debt, then it must remove the debt from your credit report. This process will buy you time; it will get collectors off your back; it will wipe out debts that are invalid and/or inaccurately reported.

Unless you are 100% certain that a negative account is being reported accurately, VOD should be used before paying or negotiating a payoff for any charge-off or collection. Statistics show that 80% of consumer credit reports contain errors! And there are 100+ reasons why an account would be considered inaccurate.

To find out more specific information on how to validate your debts, ask for our Fact Sheet: Validation of Debt.