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To avoid or clear up such issues, you can send instructions to your servicer about how it should apply extra payments. Simply download, complete and mail the CFPB’s sample letter found on this page.
A dispute letter will not eliminate existing debt that you cannot pay (or don’t want to pay). The original lender or a collection agency typically has the supporting information behind each debt.
A goodwill letter is not a credit dispute. A dispute asks a credit bureau to verify the accuracy of something on your credit report, while a goodwill letter asks creditors for leniency on a ...
Debt validation, or "debt verification", 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 ...
Debt settlement (also called debt reduction, debt negotiation or debt resolution) is a settlement negotiated with a debtor's unsecured creditor. Commonly, creditors agree to forgive a large part of the debt: perhaps around half, though results can vary widely. When settlements are finalized, the terms are put in writing.
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.