Jump to content

Texas Finance Code Ch392 interpretation


scottb99
 Share

Recommended Posts

§ 392.202. CORRECTION OF THIRD-PARTY DEBT COLLECTOR'S OR

CREDIT BUREAU'S FILES. (a) An individual who disputes the accuracy

of an item that is in a third-party debt collector's or credit

bureau's file on the individual and that relates to a debt being

collected by the third-party debt collector may notify in writing

the third-party debt collector of the inaccuracy. The third-party

debt collector shall make a written record of the dispute. If the

third-party debt collector does not report information related to

the dispute to a credit bureau, the third-party debt collector

shall cease collection efforts until an investigation of the

dispute described by Subsections (B)-(e) determines the accurate

amount of the debt, if any. If the third-party debt collector

reports information related to the dispute to a credit bureau, the

reporting third-party debt collector shall initiate an

investigation of the dispute described by Subsections (B)-(e) and

shall cease collection efforts until the investigation determines

the accurate amount of the debt, if any. This section does not

affect the application of Chapter 20, Business & Commerce Code, to a

third-party debt collector subject to that chapter.

(B) Not later than the 30th day after the date a notice of

inaccuracy is received, a third-party debt collector who initiates

an investigation shall send a written statement to the individual:

(1) denying the inaccuracy;

(2) admitting the inaccuracy; or

(3) stating that the third-party debt collector has

not had sufficient time to complete an investigation of the

inaccuracy.

© If the third-party debt collector admits that the item

is inaccurate under Subsection (B), the third-party debt collector

shall:

(1) not later than the fifth business day after the

date of the admission, correct the item in the relevant file; and

(2) immediately cease collection efforts related to

the portion of the debt that was found to be inaccurate and on

correction of the item send, to each person who has previously

received a report from the third-party debt collector containing

the inaccurate information, notice of the inaccuracy and a copy of

an accurate report.

(d) If the third-party debt collector states that there has

not been sufficient time to complete an investigation, the

third-party debt collector shall immediately:

(1) change the item in the relevant file as requested

by the individual;

(2) send to each person who previously received the

report containing the information a notice that is equivalent to a

notice under Subsection © and a copy of the changed report; and

(3) cease collection efforts.

(e) On completion by the third-party debt collector of the

investigation, the third-party debt collector shall inform the

individual of the determination of whether the item is accurate or

inaccurate. If the third-party debt collector determines that the

information was accurate, the third-party debt collector may again

report that information and resume collection efforts.

Question: Does this mean that if you DV, whether it is timely or un-timely they have to respond? Maybe not necessarily validate, but according to my interpretation they have to respond with written communication.

Link to comment
Share on other sites

No, not just respond, they have to investigate your claims, too, and let you know what they found.

Can they just verbally say -- we investigated and we find our reporting to be true (when in fact it isn't because it is reported to all 3 CRA differently?) or do they have to send proof of it.

Link to comment
Share on other sites

Can they just verbally say -- we investigated and we find our reporting to be true (when in fact it isn't because it is reported to all 3 CRA differently?) or do they have to send proof of it.

(

B) Not later than the 30th day after the date a notice of

inaccuracy is received, a third-party debt collector who initiates

an investigation shall send a written statement to the individual:

(1) denying the inaccuracy;

(2) admitting the inaccuracy; or

(3) stating that the third-party debt collector has

not had sufficient time to complete an investigation of the

inaccuracy.

It has to be written

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.