Re: What's proper validation?

Posted by Drew (24.59.27.46) on October 22, 2003 at 13:50:04:

In Reply to: What's proper validation? posted by WHATEVER on October 22, 2003 at 13:34:11:

Credit cards according to the Banking commissions are considered open ended revolving accounts. They are not negotiable instruments.

The banking industry has defined negotiable instruments as specific items such as checks, money orders, etc that are convertible to cash. A credit card is a loan because someone else pays the cash for your purchases. You pay that person back. So it is not a negotiable instrument.

Validation means that they have to prove that you owe the debt and that there is a legitimate debt. It generally means that they have the right person and the right creditor and the right amount.

You have the right to dispute the debt. Request first validation.

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