Insider's statement on how credit cards work
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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- 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.
- Tell them in a letter under the FDCPA, to validate the debt. (i.e., PROVE with credible evidencethat 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.
- 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
Subject: Re: [tips_and_tricks] Insider's statement on how credit cards workTell them in a letter under the FDCPA, to validate the debt. (i.e., PROVE with credible evidencethat you owe them payment)Charlene/Arkansas