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Unless they come from the debt collection industry, they would have no way of knowing how debt collectors think and react to these letters.Generally, the advice on sending a debt validation letter on a valid debt is premised on making sure that the collection entity who is attempting to collect from you is legitimate.
Debt buyers also were significantly less likely to verify debt that was more than six years old, as compared to debt less than three years old.” Source: The Structure and Practices of the Debt Buying Industry by the Federal Trade Commission in January 2013 – Page 40 Based on my experience, the lack of response is generally related to one of two things.One, if they feel that you are uncollectable, they may not find it personally beneficial to bother with validating the account.The characteristics that define the most “collectable” accounts to a junk debt buyer or collection agency are accounts where they have confirmed any of the following: your place of employment, open checking or savings account, home ownership, paid or settled charge-offs on credit reports, and high credit and collection scores.And two, it is possible that they may not be able to validate it.As Heather Allen pointed out in the video, the older your debt is, and the more it has changed hands, the less likely that they will do so.Now, on to why you should think twice before requesting validation on a “valid” debt.
In the above clip, Heather Allen explains that consumers dispute 3.2% of accounts that are being collected by junk debt buyers.
It is very important that you understand the potential reactions that are created when sending a debt validation letter on “valid” debts.
If you feel your debt isn’t valid, and this information doesn’t apply to you, then you should send a Debt Validation Letter.
As shown in Table 14, the Commission’s analysis of 713,308 disputed debts in 1,853 portfolios revealed that debt buyers reported that they verified 51.3% of the debts that consumers had disputed.
In addition, debt buyers reported that they were more likely to verify debts that they had obtained from the original creditor (55.7%) than debts they had acquired from other debt buyers (35.9%).
I hope you find them to be informative and relevant.