The Fair Credit Reporting Act protects you from unscrupulous methods collection agencies use to collect money owed on a debt. Sometimes these debts are marked up as much as 150% of the original amount owed. These agencies can be challenged in a court of law to be removed from your credit report, before they create havoc in your financial life and irreparable damage to your credit rating.

LVNV is a collection agency who business practices and process uses questionable tactics for collection. Many times the debt can be minimal, but once the debt is charged off or sold to a collection, it can be marked up to make a profit. This often comes in the guises of fees, interest rates and penalties, and is illegal.

Protect yourself against the scurrilous actions of the collection agency by asking for detailed information and collection of facts. This can be accomplished by writing a letter of debt validation which you can use in a court of law.

There are many reasons to use debt validation. Collection agencies may not even be leaglly entitled to collect the money from you. Legislation enacted under the FDCPA (The Fair Debt Collection Practices Act) protects you from receiving fraudulent collection requests. This does not protect you from the original creditor such as credit card companies – if you owe the debt, you legally have to pay it. There are steps in a lette you can take to begin your process of debt validation.

Your letter should be sent certified mail, return request receipt and mailed to all three credit reporting agencies. There are several key questions you should ask and information received. Inform the credit agencies the collection agency is violating your rights by reporting an erroneous or incorrect entry, and that you want to have it deleted or corrected immediately.

Write to the collection agency as well by certified mail, return receipt requested. Ask them to provide with information regarding the amount of the debt, what calculations they used. This will show the amount of the original debt and their fees, etc. Get proof of contracting for the debt, proof the statute of limitations has not run out. If it has, they are no longer able to collect on the debt. Ask for their licenses and by what authority are they licensed to collect in your state.

Free 19 Page Collection Agency Deletion Guide at www.lvnvfundingcollection.com. Stop Lvnv Funding in its Tracks. Fast, Easy, and Free.

Technorati Tags: collection agencies, Credit Reports, debt validation, letters to debtors