Sentences with phrase «authority of the debt collection»
Debt validation is where a company challenges the legal authority of a debt collection company's right to collect on an alleged debt.
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With private student loans you may either settle them for a fraction of what's owed, or you may fight the debt collection company by challenging their legal authority to collect on your alleged debts.
Private student loan debt settlement options are available, however it is more efficient to first challenge the legal authority of a collection agency's right to collect on a debt prior to just settling, similar to if you were to get a speeding ticket, often consumers hire an attorney to fight the ticket and get it dismissed.
No collection agency, agent or company shall attempt to communicate or communicate with a debtor, by any means, with respect to the collection of a debt without indicating the balance owing on the account, the name of the creditor with whom the debt was incurred, and the collection agency's, agent or company's registered name and authority to make the demand.
Debt validation allows a person to challenge the legal authority of a third - party debt collection compDebt validation allows a person to challenge the legal authority of a third - party debt collection compdebt collection company.
The rule takes effect on January 2, 2013, and according to the CFPB it provides authority for the oversight of «any firm that has more than $ 10 million in annual receipts from consumer debt collection activities.»
The CFPB's authority under the rule will extend to about 175 debt collectors, which — according to the New York Times — makes up about 63 percent of the debt collection industry in the United States.
About Blog Tax Defense Partners is a tax preparation, tax debt negotiation and resolution company serving individual taxpayers, corporations, associations, and small businesses before the Collections Division of the IRS and state tax authorities.