Ok...can someone please tell me--once and for all--does an original creditor who still holds a debt have to provide any proof that it is mine? Am I allowed to request such proof or demand that they remove the item? I have gotten conflicting advice from different places, and am now genuinely confused (situation--normal!) Regards
Here is the TX statutes in black and white for you. http://www.occc.state.tx.us/pages/Legal/Laws/Laws_01.htm#Ch392 Read carefully, what may have confused some, and confused me at first is clarified in the definitions. An OC can be considered a DEBT COLLECTOR, but - if you read the statutes, all of the meat requiring proof is directed towards THIRD PARTY DEBT COLLECTORS. Near the bottom of the page (Chap 20) are the statutes pertaining to Credit Reporting.
Sorry off topic but relavent and I dont mean to hijack the thread, but I found the following passage rather interesting: SUBCHAPTER B. INTEREST CHARGE AND FEES §346.101. MAXIMUM INTEREST RATE. (a) A revolving credit account may provide for interest on an account at an annual rate that does not exceed 18 percent a year. (b) A revolving credit account may provide for interest computed under a method other than the average daily balance method if the amount of interest computed under that method does not exceed the amount of interest computed under the average daily balance method. So does this section mean what I think it means? Does this mean that in Texas, cad issuers such as Cap1, Fleet, MBNA, and other card issuers who have sent amendments to cardholder agreements and then followed up later with increased interest rates of as much as 29%, is not legal in Texas? Michael
