By Walter Nunez & Yhordan Serpentini
If you see accounts or details you don’t recognize or you feel are inaccurate on your business credit reports, request a debt validation for that account using a debt validation letter. A debt validation is where you solicit the creditor for verification of the account details they are reporting. They will typically send you back details of your account that they are reporting.
The FCRA and the fair debt collections practices act apply to consumer debts, not business debts. So you can send a debt validation letter, but the creditor is not required by law to respond to your dispute.
When sending a debt validation request, your request must be sent to the creditor in writing. It is also important that you ensure you dispute the debt with the credit reporting agencies if the creditor doesn’t respond to your request. If no response is received within 30 days of mailing the letter directly to the creditor, then you should then dispute the account with the business credit reporting agencies.
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