Fair Credit Billing Act
Full Video Transcript
If you ever notice a billing error on your debit or credit card statement, you should know your rights under the Fair Credit Billing Act. This law covers common errors, like being billed twice for an item or credits that don’t post on returns. But it also covers unauthorized charges to your account, items paid for that you don’t receive, and even bills sent to the wrong address. To protect your rights under the law, you have to notify your creditor in writing within 60 days of the error at the address for inquiries rather than the payment address. Include your name, address, account number, and description of the problem in your notice. If you comply with all rules, then the law requires the dispute to be resolved within two billing cycles, or not more than 90 days, and you don’ have to pay the charges while the error is being resolved.You’re entitled to documentation of the creditor’s decision about the disputed charges.