What is the Fair Credit Billing Act?

The Fair Credit Billing Act is a federal law that applies to all banks in Oregon. This law protects credit card holders from billing errors. It requires banks to correct any mistakes made when a credit card bill is created or sent out. This includes errors made by the bank or errors made by the merchant. The Fair Credit Billing Act requires banks to promptly investigate disputes and give customers a written explanation of their findings. Banks must also provide appropriate credit and/or refunds if they find the dispute to be valid. Additionally, the law protects customers from wrongful charges made on their accounts, as well as from being held responsible for charges that were not made by the cardholder. The Fair Credit Billing Act also requires banks to provide written notice of any changes to the terms of the cardholder’s account. Banks must also give customers the opportunity to reject any changes they do not agree with. Banks are also prohibited from making any changes to a cardholder’s account without prior notice. Overall, the Fair Credit Billing Act offers credit card holders in Oregon an important layer of protection against errors and unfair practices. This law helps ensure that banks are held accountable for any mistakes or miscommunications that could negatively impact cardholders.

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What is the Fair Credit Billing Act?

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