A federal law that ensures creditors follow specific procedures regarding customer billing disputes.
Federal law giving rights to consumers when an error occurs on their credit card statement. Consumers have 60 days to report the error after they are mailed the bill. Companies must then correct the mistake within 30 days, and must then correct the error within 90 days or explain why it believes the credit card statement is valid.
Credit and charge card bills are governed, in the United States, by the Fair Credit Billing Act, which is included in the Truth in Lending Act (see Truth in Lending Act). If you think your bill is wrong, write to your card issuer at the address listed on your statement. You must write no later than 60 days after receiving the first statement where the error appeared. The card issuer must acknowledge your letter within 30 days, and correct the error or explain why it thinks the statement was correct, within two billing cycles (but in no event later than 90 days) after receipt of your letter. You do not have to pay the amount in question while it is being investigated, but you must pay the rest of your bill.
An Act passed by Congress in 1975 to help cardholders resolve billing problems with issuers. The Act gave cardholder certain rights when dealing with credit card issuers.
Established procedure consumers can use to resolve credit account billing errors.
The Fair Credit Billing Act establishes procedures for the prompt correction of errors on open-end credit accounts. It also protects a consumer's credit rating while the consumer is settling a dispute.
Federal law that covers credit card billing problems. It applies to all open-end credit accounts (i.e. credit cards and overdraft checking). States that consumers should send a written billing error notice to the creditor within 60 days (after receipt of first bill containing an error), which the creditor must acknowledge in 30 days. The creditor must investigate and may not damage a consumer's credit rating while a dispute is pending.
A federal law that offers protection against billing errors (including limiting your liability for unauthorized purchases), and may help you to reverse the purchase of inferior goods or services charged to your credit card. Back to Glossary Index
A law that ensures that borrowers have the right to question a bill from a creditor and do not have to pay the disputed amount until the dispute is resolved.
passed in 1975; gives guidelines for a person to dispute something on their credit card statement Flagging your account or report - when the agency puts a notice on your credit report warning that someone may use your account without your permission Fraud affidavit - written statement made under oath telling about the fraud
Stands for the central law that arms you with the right to question any mistake in your credit card statement. You need to inform your credit card company within 60 days of the receipt of the bill. The company is responsible to either correct/acknowledge your bill within 30 days of complaint. It must be corrected within 90 days.
Fair Credit Reporting Act (FCRA)
Passed by Congress in 1975 to help customers resolve billing disputes with card issuers. Disputes include everything from computational errors and incorrect charges to the crediting of payments. The act requires issuers to credit payments to a customer's account the day they are received. To be protected under the law, the consumer must write to the issuer within 60 days of the mailing date on the bill with the error. The issuer is then required to investigate and either correct the mistake or explain why the bill is correct within two billing cycles. The issuer also must acknowledge a customer's complaint in writing within 30 days. Each issuer is allowed to set specific payment guidelines. If any of the guidelines are not met, the issuer can take as many as five days to credit the payment.
This federal act protects many important credit rights, including your rights to dispute billing errors, unauthorized use of your account, and charges for unsatisfactory goods and services.
The Federal Act that states that you have a right to find and fix billing errors within 60 days.
Federal law governing credit and charge card billing errors. If the credit card company violates this law, consumers can sue for damages.
A federal law that regulates credit card error resolution. Among other stipulations, the FCBA limits consumers' responsibility for unauthorized charges to $50.
A federal law that provides a specific error resolution procedure to protect credit card customers from making payments on inaccurate billings.
A federal law that governs credit and charge card billing errors. If a credit or charge card company violates any provision, consumers can sue to recover damages.
A federal law to help customers resolve billing disputes with card issuers. Disputes include everything from computational errors and incorrect charges to the proper crediting of payments. To be protected under the law for billing errors, a customer must notify the issuer in writing within 60 days of the mailing date on the bill containing the error. The issuer is then required to investigate and either correct the mistake or explain why the bill is correct within two billing cycles. The issuer also must acknowledge a customer's complaint in writing within 30 days of receipt of the notice. Generally, the Act requires issuers to credit payments to a customer's account as of the date it was received. However, an issuer is allowed to set specific payment guidelines. If any of the guidelines are not met, the issuer can take as many as five days to credit the payment.
A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.
Fair Credit Reporting Act - The U.S. Fair Credit Reporting Act seeks to achieve fair, timely, and accurate reporting of credit information by regulating the activities of credit bureaus, limiting access to credit bureau information, and requiring that creditors disclose certain information regarding their use of credit bureau or third party information. Under the Fair Credit Reporting Act, you have the right to see the credit history maintained by a credit bureau about you. This legislation provides a specific error resolution procedure to protect credit card customers from making payments on inaccurate billings.
Procedures for promptly correcting billing mistakes, refusing to make credit card payments on defective goods, and promptly crediting payments.
The Fair Credit Billing Act (FCBA) is a United States federal law enacted as an amendment to the Truth in Lending Act (codified at et seq.).