Please reach us at customerservice@valid-iq.com if you cannot find an answer to your question.
A. Debt Validation refers to a consumer's right to challenge a debt and/or receive written verification of a debt from a debt collector. The right to dispute the debt and receive validation are part of the consumer's rights under the United States Federal Fair Debt Collection Practices Act (FDCPA) and are set out in §809 of that act, which has been codified in Title 15, Section 1692-1692p of the United States Code. This debt validation procedure was expected to reduce the incidence of debt collectors dunning the wrong person or attempting to collect previously paid debts or debts that they cannot verify.
A. A 1977 federal law that serves to regulate collection agencies. The FDCPA outlines the conditions under which these agencies may operate in an effort to prevent deception, harassment, and other unfair debt collection practices. The rules of the FDCPA only apply to third-party debt collectors, and only to debts held by individuals. The FDCPA outlines a number of activities that would be seen as deceptive or harmful, and are hence prohibited, as well as requiring a number of helpful activities to be followed. The FDCPA is enforced by the Federal Trade Commission, who also presents an annual report to Congress in regards to these issues.
A. The Fair Credit Reporting Act (FCRA) is a federal law that regulates how consumer reporting agencies use your information. Enacted in 1970 and substantially amended in the late 1990s and again in 2003, the FCRA, among other things, restricts who has access to your sensitive credit information and how that information can be used.
A. We do not advocate that any person default on their debts. This program is not designed for persons who have reasonable means to pay off their debts. If you have the ability to pay off your debts in the normal fashion, by paying the minimum payments, then you should honor your debts and do so. This program is NOT for people gainfully employed, have high credit ratings, and can meet monthly debt requirements.
A. At such time that we have received the first payment, we will commence the service. We will begin an audit of all your consumer credit accounts and seek to validate those accounts.
A. Absolutely not! Creditors are required to charge-off underperforming accounts. The time line for the charge-off is normally 90-180 days. Once the debt has been charged-off, the Third-Party agencies will buy, for pennies on the dollars, debt accounts in massive portfolios with a face value of millions of dollars. At this point they will attempt to collect from you 100% of what you owe when they only spent 3%-5% in buying what you owe.
A. Once you have informed the creditor that they are not allowed to call you at work they should not continue to do so. In fact, jeopardizing your employment with harassing calls is against the law.
A. Yes. However, the negative effect is not from being enrolled in the Validation Program, but because you were unable to continue your monthly payments to the original creditor. The process used in the Validation Program is actually designed to minimize long-term derogatory effects to your credit profile. Most of the damage to your credit report and score comes from the continual negative reporting by collection agencies and collection attorneys. Our program stops these Third-Party creditors from being able to collect and report on your debts using the rules and regulations of the Fair Debt Collection Practices Act (FDCPA) and Fair Credit Reporting Act (F.C.R.A), thereby minimizing the overall negative effects on your credit profile.
A. Yes, you can negotiate your debts on your own. However, you should note that the Debt Settlement process can be a long and complex process for the average consumer. Our Validation Program puts the burden of proof on the collection agencies before any monies are paid to them.
A. No. All credit cards in the program will not be active and you will not have credit privileges. Any cards you DO NOT put into the program should not be used. This program is intended for you to get out of debt.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.