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Insider's statement on how credit cards work

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  • Legalbear
    JOINT STATEMENT OF THE AMERICAN BANKERS ASSOCIATION; CHARGE ACCOUNT BANKERS ASSOCIATION; THE CONSUMER BANKERS ASSOCIATION; INTERBANK CARD ASSOCIATION; NATIONAL
    Message 1 of 4 , Jul 29, 2004
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      JOINT STATEMENT OF THE AMERICAN BANKERS ASSOCIATION; CHARGE ACCOUNT BANKERS ASSOCIATION; THE CONSUMER BANKERS ASSOCIATION; INTERBANK CARD ASSOCIATION; NATIONAL BANKAMERICARD, INC.  (In a Senate hearing on the Fair Credit Billing Act; representing 10,000 banks on how credit cards work)

       

      “’Both situations have the common denominator of a loan of credit or reputation by a bank to a customer who is a buyer of goods or services from a merchant, who accepts the bank’s credit in substitution of the buyer’s.’”  S. 652, 92nd Congress, 1st Session, pg. 319.

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    • thisismetina2@aol.com
      ok i need help a few of my creitors have joined my credit information and now boosted my balance even higher i refuse to pay the balance because i didnt make
      Message 2 of 4 , Jul 30, 2004
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        ok i need help a few of my creitors have joined my credit information and now boosted my balance even higher i refuse to pay the balance because i didnt make it so what should i do.
      • Char
        Tell them in a letter under the FDCPA, to validate the debt. (i.e., PROVE with credible evidence that you owe them payment) Charlene/Arkansas ok i need help a
        Message 3 of 4 , Jul 30, 2004
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          Tell them in a letter under the FDCPA, to validate the debt.  (i.e., PROVE with credible evidence
          that you owe them payment)
          Charlene/Arkansas
           

           
          ok i need help a few of my creitors have joined my credit information and now boosted my balance even higher i refuse to pay the balance because i didnt make it so what should i do.
           
        • gary
          The FDCPA does not apply to those defined under the act as creditors , only to those defined as debt collectors . The only time a creditor comes under the
          Message 4 of 4 , Aug 2, 2004
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            The FDCPA does not apply to those defined under the act as "creditors", only to those defined as "debt collectors".  The only time a creditor comes under the FDCPA is if they contact you using the name of a third party when it is really the creditor himself.  All buyers of defaulted debt are "debt collectors" as are collection agencies and attorneys who work for debt collectors AND creditors.
             
            Gary
            -----Original Message-----
            From: Char [mailto:charliegirl@...]
            Sent: Friday, July 30, 2004 10:47 PM
            To: tips_and_tricks@yahoogroups.com
            Subject: Re: [tips_and_tricks] Insider's statement on how credit cards work

            Tell them in a letter under the FDCPA, to validate the debt.  (i.e., PROVE with credible evidence
            that you owe them payment)
            Charlene/Arkansas
             
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