Notice of Account Transfer

A Notice of Account Transfer is a formal communication sent by a creditor or debt collector to a debtor, informing them that their outstanding debt has been sold, assigned, or transferred to a new owner or servicer. The notice typically includes details about the original creditor, the new owner of the debt, the amount and nature of the debt, and any changes to the payment instructions or contact information. The notice may also include a statement of the debtor’s rights and options for disputing the debt or seeking assistance. The purpose of a Notice of Account Transfer is to ensure that the debtor is aware of the change in ownership of their debt and to prevent confusion or errors in the payment process. The notice should be sent in a timely manner and in compliance with any applicable laws or regulations.