What is the Fair Credit Billing Act?
The Fair Credit Billing Act is a law that is designed to protect consumers in North Carolina who use bank-issued credit cards. The Act provides rights to consumers in the event of an error or dispute with regards to their credit card account. The Fair Credit Billing Act provides the following protections to consumers. It requires creditors to correct any billing errors and to resolve any disputes within two billing cycles. It also allows consumers to dispute credit card charges within 60 days of receiving the statement. If a consumer is able to provide proof that an error exists, then the creditor must investigate. If the investigation finds that the error did occur, the creditor must credit the consumer’s account and may not charge the consumer for any late fees or finance charges related to the error. The Fair Credit Billing Act also requires creditors to provide notice to the consumer of the results of the investigation and to provide a statement of their rights and responsibilities under the Act. The Act also requires creditors to provide detailed information about purchases when requested. In addition, the Fair Credit Billing Act also protects consumers from unfair or deceptive practices with regards to credit card billing. This includes providing accurate information on credit cards statements and requiring creditors to provide consumers with a 45 day advance notice of any significant changes to their terms and conditions. The Fair Credit Billing Act is designed to protect consumers in North Carolina and ensures that consumers’ rights are enforced when it comes to using credit cards.
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