You have the chance to STOP a collection account before it does its damage to your report, take advantage! This can only be sent DIRECTLY to DEBT COLLECTOR and within 30 days of your receiving the debt letter or call. Send them the letter below to force their hand at validating the debt, they have to cease collections temporarily to send you the information - it is a LAW, they can't ignore this! 30% of collections will not make it pass this point due to not being able to properly validate the debt! Some will respond with the proof you requested and that's okay, that's your time to set up a payment arrangement or settlement BEFORE it reports on your credit report to prevent it from doing so. Well, what you may not have realized is, you have 30 business days to respond to them to request them to validate the debt BEFORE THEY REPORT IT TO THE CREDIT BUREAUS! This period is important, we call it the "Dunning Period". These are those annoying letters you receive in the mail from debt collectors. #finance #personalfinance #money #venmo #scam #fraud #bank #creditcardĬredit Support Co DEBT VALIDATION: The moment A collection agency calls your on your phone for the first time, they have 5 business days to send you a Debt validation letter to your address. Under no circumstances should you communicate directly with the sender, as it could be a part of the scam. You can also request that Venmo cancel the payment. It is also advisable to use secure Wi-Fi networks and to contact Venmo for assistance if you suspect a fraudulent transaction. To avoid falling victim to this scam, it's essential to take action immediately by blocking the sender and reporting the issue to Venmo's customer service department. Venmo does not provide built-in fraud protection, so it is important to be cautious and not fall for this scam. As a result, when the real credit card owner reverses the charge, Venmo withdraws the funds from your account. Before you refund them, they update their Venmo account with their own banking information, causing you to unknowingly refund their own account and not the stolen credit card. Although it may seem harmless, in reality, the scammers are using stolen credit cards to send you the money. Typically, a fraudster will transfer a significant amount of money to your Venmo account and then request a refund, claiming it was a mistake. □ Receiving an accidental Venmo transfer may not always be an honest mistake, as scammers are known to use this "modern version of an old scam" to trick people into sending them money.
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