Texas homeowners need to consider themselves fortunate in that they enjoy some of the toughest customer security regulations of any state. For starters, financial obligation collection agencies and also credit bureaus have to be adhered to do organization in Texas. Section 392.101 of the Texas Finance Code restricts a third-party financial debt collection agency or credit report bureau from engaging in debt collection in Texas unless the third-party financial obligation enthusiast or credit rating bureau has gotten a guaranty bond as well as filed a copy of the bond with the Workplace of the Secretary of State. Believe it or otherwise, there are some debt collectors that are not also aware of this regulation as well as try to collect on financial debts from Texas citizens. Typically, individuals they are accumulating from do not know about this legislation either so they go unpunished. I had one debt collection agency that was noting a collection on my debt report and also according to Texas legislation, the simple fact that they are reporting a debt on a Texan’s credit report is taken into consideration in collection activity.
I investigate any debt collector that sends me a letter or places a collection account on any of my credit history records. I had never ever become aware of this specific debt collection agency so I quickly did a search on the Texas Secretary of State’s site to see if this debt collection agency was certified to do organization in Texas. When I learned they were not licensed to conduct organization right here in Texas, I promptly drafted a letter to the debt collection agency suggesting that they were in violation of Texas regulations. In the letter, I mentioned the particular law they were going against, as well as Cc, ‘d the letter to the Texas Attorney general of the United States’s Consumer Defense Department. Well, thirty days later on, the collection was still on my record!
I composed a claim petition as well as on it I placed a watermark that checked out “DRAFT,” as well as sent it to the registered agent of the collection agency to make sure that they might be ahead of the ‘draft’ of the lawsuit I was going to file if they really did not remove the collection from my record promptly. Within 4 days of receiving my letter (you always send out whatever accredited return receipt requested), the collection was removed. After the collection agency removed the account from my record, I sent them a follow-up letter mentioning that I had determined to submit a legal action as my legal rights under Texas law had been coldly violated and that these violations had triggered me to pay a higher rate of interest on my finances. About a week later, I received a letter from a lawyer representing the collection agency offering me what I believed was a practical settlement. I approved and also never spoke with them once more.
This is simply one instance of what consumer security regulations in Texas can do for Texans. I have spent over a year and a fifty percent looking into these regulations as well as can inform you that they are pro-consumer. This is not to state that collection agencies can not pursue you yet, if they do, they had much better have every information about the debt they are trying to collect absolutely correct. The smallest mistake on their component will quickly place a number of regulations at your disposal. With all the study I did I put forth a master plan and began to repair your credit score reports of all collections because they were filled with wrong information.
After I saw exactly how effective Texas regulations were, I chose to write a book to educate my fellow Texans about this and also various other Texas regulations to make sure that they might be much better educated on exactly how solid and useful they remain in safeguarding the customer. There are numerous credit repair companies appearing in Texas and they bill numerous dollars. Why waste that cash when, for a whole lot less, you can do it on your own? Begin your trip today to accomplish what I such as to call “superb credit history health.”