While long known as a dominant player in the international business world, Cleary has built out litigation capabilities to rival their corporate brethren.
However, you may want to read this article so you may educate yourself for the future. I recently spent a little over 7 hours watching the videos produced by the FTC covering their recent debt collection workshop that took place on June 6th, The workshop participants included representatives of the FTC, CFPB, state regulators, consumer protection attorneys, junk debt buyers, and original creditors.
There was a lot of information that was shared in these videos. Information that can benefit our society when it comes to understanding the debt collection process and how it relates to us.
I have included some of the highlights short clips of these videos that pertain to debt validation in this article. I hope you find them to be informative and relevant.
I also share my opinions, when it comes to interpreting this information, from both a debt settlement and debt collection perspective. In an effort to help you better understand the risks of requesting validation on a valid debt.
Debt Validation Letter — What happens when I send one? The common practice when an account is disputed is to validate it.
The probability of validation is generally dependent on your perceived ability to pay, the creditor, and the age of the debt. The full video can be viewed here: United States Federal Trade Commission, ftc.
In addition, debt buyers reported that they were more likely to verify debts that they had obtained from the original creditor Regression analysis, presented in Table 15, indicates that debt buyers were significantly less likely to report verification of disputed medical, telecommunications, and utility debt, as compared to verification of credit card debt.
Debt buyers also were significantly less likely to verify debt that was more than six years old, as compared to debt less than three years old. The Structure and Practices of the Debt Buying Industry by the Federal Trade Commission in January — Page 40 Based on my experiencethe lack of response is generally related to one of two things.
One, if they feel that you are uncollectable, they may not find it personally beneficial to bother with validating the account. And two, it is possible that they may not be able to validate it.
As Heather Allen pointed out in the video, the older your debt is, and the more it has changed hands, the less likely that they will do so. If you are debating requesting validation on a credit card debt, make sure to note that the FTC report did state:About Cleary Gottlieb Steen & Hamilton LLP.
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