The FCBA, also known as the Fair Credit Billing Act, is a legislation that ensures fair treatment for individuals using credit cards or other forms of credit. It establishes guidelines for billing procedures and procedures for rectifying errors. For further details on the FCBA, please refer to the provided information.
The Fair Credit and Billing Act of 1974, also known as FCBA, was established to regulate how credit card companies and lenders handle billing and disputes with their customers. If you come across an unfamiliar charge on your credit card statement, you have the right to dispute it under the FCBA. The credit card company is obligated to investigate the charge and provide a response within a specified timeframe. Similarly, if you make a payment on your credit card and it is not applied correctly, the FCBA requires the company to rectify the mistake and appropriately credit your account. The FCBA serves as a protective law for consumers, safeguarding them against unjust billing practices by credit card companies and lenders. These examples demonstrate how the law empowers consumers to challenge charges and have errors corrected, ensuring that they are only billed for what they truly owe and that their payments are accurately applied.
FCBA stands for Fair Credit Billing Act.
The purpose of FCBA is to protect consumers from unfair billing practices and provide a mechanism for resolving billing disputes with creditors.
FCBA covers individuals who use credit cards or other revolving credit accounts for personal, family, or household purposes.
FCBA provides consumers with the right to dispute billing errors, request clarification on charges, and withhold payment during the investigation of a dispute.
You have 60 days from the date the billing statement was sent to you to dispute a billing error under FCBA.
If you find a billing error, you should immediately notify the creditor in writing, providing details of the error and requesting an investigation.
No, a creditor cannot take legal action or report the disputed amount as delinquent while the investigation is ongoing.
No, under FCBA, you are not liable for unauthorized charges made on your credit card, provided you report them promptly.
No, a creditor cannot increase your interest rate or impose fees related to the disputed amount while the investigation is ongoing.
If a creditor violates FCBA, you may be entitled to actual damages, statutory damages, and attorney’s fees.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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