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Fair Credit Billing Act
The Fair Credit Billing Act serves to protect consumers from instances of unfair billing practices in open ended credit accounts such as credit or charge cards. Such errors can serve to increase consumer indebtedness by a failure to accurately reflect purchases and payments or through other irregular billing statement concerns. The legislation also provides a process whereby such errors may be disputed.
The act stipulates billing errors to be charges not made by the holder of the account, charges that appear with an incorrect amount or charges for goods never delivered or received. Further errors may be payments not recorded, calculation errors, or charges for which the holder of the account seeks clarification or proof.
By the requirements of the legislation, the holder of the account has sixty days to dispute the matter in question in writing and the issuer of the credit account then has 90 days to investigate and respond.
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