They need to include the name of the original creditor as well as the account number and the brand name the consumer would recognize. Date and amount of last payment, copy of the last billing statement (supposedly) sent to the consumer. However I also think they need to send a copy of the original debt document with the consumer's signature. Someone can send me bills for something I don't owe, but they can't send me a signed paper I never signed.
Speaking from a collection standpoint, I can tell you that most collectors would LOVE to give more information on the initial Validation Notice. The problem is, the murky case law related to "overshadowing" makes it risky to include anything other than what is in the statute - no more, no less. Here's what I would like to include on the notice:
1. Name and address of the current creditor.
2. Our relationship to the current creditor.
3. Name of the original creditor, and the name of the subsequent owner of that original creditor's records, if that original creditor no longer exists (e.g. WaMu, Wachovia).
4. Any brand name or company name associated with the account.
5. The type of debt.
6. The original creditor's account number, and any other account numbers that this account may have been known under.
7. The amount of the debt (more on this in the appropriate thread).
8. The date the account was opened (for revolving credit) or the date the debt was incurred.
9. The date and amount of the last payment made by the consumer.
10. The date and amount of the last charge or debit on the account (for credit cards).
11. The name and address of any co-debtor that is also receiving this notice (helpful for co-signers).
I don't believe that any portion of the SSN should be included on this letter, because it's just too risky. However, I think the full account number can be included because in almost all circumstances, the account would already be closed and unable to be used by identity thieves.
I do think it would be a bit of an expense on the part of creditors and debt buyers to provide this information to the agencies and law firms that they outsource collections to, but I believe that it would benefit those collectors as well as consumers to have this additional information. It would be necessary to mandate that this information be included whenever creditors sell portfolios of bad debt. But it would be worth it.
JClark53
1
They need to include the name of the original creditor as well as the account number and the brand name the consumer would recognize. Date and amount of last payment, copy of the last billing statement (supposedly) sent to the consumer. However I also think they need to send a copy of the original debt document with the consumer's signature. Someone can send me bills for something I don't owe, but they can't send me a signed paper I never signed.
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RHN91362
2
Speaking from a collection standpoint, I can tell you that most collectors would LOVE to give more information on the initial Validation Notice. The problem is, the murky case law related to "overshadowing" makes it risky to include anything other than what is in the statute - no more, no less. Here's what I would like to include on the notice: 1. Name and address of the current creditor. 2. Our relationship to the current creditor. 3. Name of the original creditor, and the name of the subsequent owner of that original creditor's records, if that original creditor no longer exists (e.g. WaMu, Wachovia). 4. Any brand name or company name associated with the account. 5. The type of debt. 6. The original creditor's account number, and any other account numbers that this account may have been known under. 7. The amount of the debt (more on this in the appropriate thread). 8. The date the account was opened (for revolving credit) or the date the debt was incurred. 9. The date and amount of the last payment made by the consumer. 10. The date and amount of the last charge or debit on the account (for credit cards). 11. The name and address of any co-debtor that is also receiving this notice (helpful for co-signers). I don't believe that any portion of the SSN should be included on this letter, because it's just too risky. However, I think the full account number can be included because in almost all circumstances, the account would already be closed and unable to be used by identity thieves. I do think it would be a bit of an expense on the part of creditors and debt buyers to provide this information to the agencies and law firms that they outsource collections to, but I believe that it would benefit those collectors as well as consumers to have this additional information. It would be necessary to mandate that this information be included whenever creditors sell portfolios of bad debt. But it would be worth it.
View this comment in the discussion thread