What Is a Notice of Verification Statement

(4) Information on consumer reactions. The following information, separate from the validation information required under paragraph (c) points 1 through (3) of this Section and any optional information contained under paragraphs (d)(3)(i), (ii), (iii)(A), (iv), (v), (vi)(A), (vii) and (viii) of this Section and, if specified in a validation notice, at the end of the notice under the headings: « How do you want to respond? » and « Check all that apply: »: 1. In general. Section 1006.34(c)(5) provides that, in the case of residential mortgage debt, where a periodic statement is required under Regulation Z, 12 CFR 1026.41, a collector is not required to provide the validation information required under section 1006.34(c)(2)(vi) to (viii) at the time the validation notice is prepared by a collection agency if the collection agency contains to the consumer In the same notice as A copy of the most recent periodic report provided to the consumer pursuant to 12 CFR 1026.41(b) and the collector will include in the validation notice if the validation information required under paragraphs (c)(2)(vi) through (viii) of this section, a statement relating to that periodic report. A debt collection agency may comply with the requirement to refer to the periodic report in the validation notice, for example by adding the statement « See attached periodic report for a breakdown of liabilities » in the validation communication. i. The debt collection company ABC has an initial telephone communication with the consumer. Within five days of this initial notice, the ABC Debt Collection Agency will send the consumer a notice of validation using the standard Form B-1 in Appendix B of this Part. The collection agency ABC complied with section 1006.34(c)(1), even though the standard Form B-1 contains the disclosure described in section 1006.18(e)(1) and not the disclosure described in section 1006.18(e)(2). 1. Date of last declaration. Pursuant to section 1006.34(b)(3)(i), the date of the last statement of account is the date of the last periodic statement or statement or invoice provided to the consumer by a lender. For the purposes of Article 1006.34(b)(3)(i), the final declaration may be made by a creditor or a third party acting on behalf of the creditor, including a creditor`s service provider.

However, a statement or invoice from a collection agency is not a final declaration within the meaning of section 1006.34(b)(3)(i), unless the collection agency is also a creditor. 1. Electronic means of communication. Section 1006.34(c)(3)(v) provides that if the notice of collection submits the notice of validation electronically, the validation information shall include a statement explaining how a consumer may dispute the debt or electronically request information from the original creditor as described in paragraphs (c)(4)(i) and (ii) of this section. A collector may provide the information required by section 1006.34(c)(3)(v) by inserting the statements « We accept disputes electronically » using that term or a substantially similar phrase, followed by an email address or web portal that a consumer can use to take the actions described in section 1006.34(c)(4)(i), and « We accept original credit reference requests electronically, » using that term or substantially similar language, followed by an email address or web portal that a consumer can use to take the actions described in § 1006.34(c)(4)(ii). If a debt collection agency accepts electronic communications from consumers by more than one means, such as: By email and through a web portal, the collection agency only needs to provide information on one of these media, but may provide information on other media. It is important that you keep a secure copy of the verification statement. However, if you have misplaced it, you can request a replacement copy on our website by accessing your funding certificate and selecting « Request a copy of verification statement ». The debtor needs the debtor`s PIN if they wish to request relief or amendment of the financing certificate through the SPSP.

This is called « demand for change. » (1) Disclosure of debt collection communications.