The Government Case for Credit Repair6888481


Texas residents should contemplate themselves fortunate in that they appreciate a number of the strongest consumer protection laws of any state. For starters, debt collection agencies and credit bureaus must be bonded to complete company in Texas. Section 392.101 on the Texas Finance Code prohibits a third-party debt collector or credit bureau from engaging in debt collection in Texas unless the third-party debt collector or credit bureau has obtained a surety bond and filed a copy on the bond with the Workplace from the Secretary of State. Believe it or not, there are actually some collection agencies which are not even conscious of this law and try to gather on debts from Texas residents. Ordinarily, the folks they are collecting from never know about this law either so they go unpunished. I had 1 collection agency that was listing a collection on my credit report and based on Texas law, the mere truth that they're reporting a debt on a Texan's credit report is regarded as collection activity.

I investigate any collection agency that sends me a letter or places a collection account on any of my credit reports. I had never ever heard of this distinct collection agency so I promptly did a search around the Texas Secretary of State's site to find out if this collection agency was licensed to accomplish organization in Texas. When I found out they have been not licensed to conduct business enterprise right here in Texas, I promptly drafted a letter for the collection agency advising them that they have been in violation of Texas law. Within the letter, I cited the distinct law they had been violating and Cc'd the letter for the Texas Attorney General's Consumer Protection Division. Effectively, thirty days later, the collection was nevertheless on my report! I drafted a lawsuit petition and on it I placed a watermark that read "DRAFT," and sent it towards the registered agent on the collection agency so that they could forward the 'draft' of the lawsuit I was going to file if they did not eliminate the collection from my report instantly. Inside 4 days of receiving my letter (you normally send all the things certified return receipt requested), the collection was removed. Right after the collection agency removed the account from my report, I sent them a follow up letter stating that I had decided to file a lawsuit as my rights beneath Texas law had been blatantly violated and that these violations had triggered me to pay a larger rate of interest on my loans. About a week later, I received a letter from an lawyer representing the collection agency offering me what I believed was a reasonable settlement. I accepted and never ever heard from them again.

This can be just 1 example of what customer protection laws in Texas can do for Texans. I've spent over a year in addition to a half researching these laws and can inform you that they're pro-consumer. This isn't to say that collection agencies can't go just after you but, if they do, they had improved have each and every detail concerning the debt they're wanting to gather absolutely correct. The slightest error on their portion will quickly place a number of laws at your disposal. With all of the investigation I did I put forth a strategy of attack and started cleaning up my credit reports of all collections simply because they have been filled with incorrect details. Immediately after I saw how productive Texas laws have been, I decided to write a book to inform my fellow Texans of this and other Texas laws so that they might be improved informed of how sturdy and useful they are in protecting the customer. There are plenty of credit repair agencies popping up in Texas and they charge numerous dollars. Why waste that revenue when, to get a lot significantly less, you can do it your self? Start off your journey now to achieving what I prefer to call "excellent credit wellness."


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