How To Use The Fair Credit Billing Act (FCBA) To Your Advantage
Has your credit card company ever charged you twice for the same item or failed to credit a payment to your account? While frustrating, these errors can be corrected. It takes a little patience and knowledge of the dispute settlement procedures provided by the Fair Credit Billing Act (FCBA).
The law applies to “open end” credit accounts, such as credit cards, and revolving charge accounts – such as department store accounts. It does not cover installment contracts – loans or extensions of credit you repay on a fixed schedule. Consumers often buy cars, furniture and major appliances on an installment basis, and repay personal loans in installments as well.
What types of disputes are covered?
The FCBA settlement procedures apply only to disputes about “billing errors.” For example:
– unauthorized charges. Federal law limits your responsibility for unauthorized charges to $50;
– charges that list the wrong date or amount;
– charges for goods and services you didn’t accept or weren’t delivered as...
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