DEBT VERIFICATION VS DEBT VALIDATION

what's up everybody I hope everyone is enjoying their day of this video that I'm posting what we're going to talk about is verification of debt versus validation of debt and one of the mistakes that I see a lot of people making when they're trying to work on their credit and they have some debts from debt collectors one of the things that I see happen a lot in why they get letters returned back to them is when they they're actually when you're sending that verification you could actually be accidentally just allowing the collection agency to be able to verify the information that they have on file with what they placed on your credit reports and they will consider that a verification it's like they just saying the person with that whose credit you put this or this collection on is asking for a verification and they're gonna say well okay we looked at our files and we verified that this is their name this is the social security number that we use for it or the address in one crazy thing about it is that they don't have to match every single item to get it on your reports there's been items where we've got where the father and son had the same name and it was just at either junior or senior and their reports were you know merged together where one of them had a collection it didn't even belong to either one and it was merged on top of there so understanding that that happens we've learned through the process of working with clients and from what we've learned about the bureau's is that they don't have to match every single data point that's about your credit they can match you know three four or five different data points where they could say first and last name matches middle initial may not match but doesn't matter a social security number of matches or we don't have a social security but we had a first name last name and we had to address so that must be that person so or it could be it's some other data points that that we don't even know about that allows that inaccurate information to show up on your credit report so that's why it's very important to always control the data controlled information that's out there about you and you need to know what's on your credit report you need to control every aspect of it if you need to clean up the addresses on there if you need to clean up the way your name appears on there you don't want your name to appear on each report different you want it to be the same because that can actually drop your score when you do that you don't want to have you know even in with the same report you don't want to have your name listed different worse maybe your name is spill is hard for people to spell your name or like mine Steven and someone may accidentally put pH instead of ve V in there and yeah it sounds the same but the computer doesn't know that may consider it an alias and what they could do is to say that you're trying to get credit by changing your name around and when it was just a mistake when someone put in an application or maybe you had a dot after your middle initial one and not on another one believe it or not that type type of stuff Flags the system and so you do need to clean that stuff up but now get him back to verification versus validation when you're sending the information to the credit bureaus your that you you have to be careful and you have to make sure that you request a validation of everything that means that you want them to prove to you everything that they're saying to put this on your credit reports that goes into asking them what is a legal right to pay that I have to pay you you're asking the relationship with them in and this also goes to the but I've seen it done and we've done it also where we sit the to the bureau at the same time so you can hit them from both sides because you want to make sure that they pay attention to it and we've noticed that the when we've gotten information from the from the furnisher some of the time it has the information from the bureau where they actually sent that over to the furnisher it had our information that we were wanted to get for the clients and so you want to make sure that you know in a validation debt validation the relationship between the original creditor and the debt collector relationship that they are trying to establish with you that's why when you call them on the phone they'll say this is a temp to collect the debt from a debt collector because they're actually letting you know the relationship that they believe they have with you and that's why they always have you noticed that when they answer the phone they always try to push it towards you're gonna pay this debt how are you gonna do this how you gonna pay it that's because they don't want to give any open door that you have any rights to validate the debt so that's why you have to be very careful when talking to them and we tell our clients don't even do it over the phone unless it's a hundred percent necessary but so you're gonna validate it the debt to the debt collection company you can also go around and do that with each of the bureaus and you want to know the relationship between them and the original creditor and you it might stand it's stated on your credit reports but if it doesn't you want to get that even if it does state it you still want to know the relationship you want to see everything on how they're trying to establish the relationship that you have to pay this debt collector and then you want them to establish everything that they're claiming not just a number not just some statements in at you old money you want them to establish how they believe you owes this amount of money and it could be with their fees it could be all the charges everything you want them to prove everything your signatures everything you want that proven because if you do a verification to them they're gonna just do what's called a database verification if they even send it to the debt collector so you have to be careful or they're gonna just send the paperwork back to you and they're gonna say verify so whenever you get something back in the mail when you've tried to dispute it try to you did a verification of it that's basically what you had did they're gonna just look in their database punch on their computer and say oh yeah all of that matches it's verified you need to ask for a validation of all the information so and that's information that they're even not showing and you want all of that stuff sent to you so you can see where you're how you're gonna have to move forward with this debt collector and like I always say be ahead of the game on this don't let it come back to you later where you end up having to do all of this stuff but they got you in court when they send you that 30-day letter they're gonna send that and that's gonna be before it even gets over to your credit reports you can stop a lot of this by doing a proper validation of the debt and they'll it when you do it the proper way and you ask the right questions and you insert the Fair Debt Collection act laws in inside of you know when you're making that validation nine times out of ten are gonna leave your loan because they're gonna be like this is an educated person about debt in that we knowing how we buy these debts there's gonna potentially be a problem and let's move on to someone else that's not paying attention in in this collected from them so this videos is very short but I wanted to answer that because I get a lot of emails and comments about verification versus validation of debt so if you have any questions please subscribe to my youtube channel here really appreciate that tell friends and family about it if you need your credit reports as a link below this video if you need any help please reach out to us at the credit repair shop calm and I really appreciate your time and please have a great day

Channel: The Credit Repair Shop

Views: 7,418

Rating: 4.944056 out of 5

Keywords: debt validation, credit repair, collections

Id: gjQO12V3skA

Length: 9min 15sec (555 seconds)

Published: Wed Aug 28 2019