What is the Fair Credit Billing Act?

The Fair Credit Billing Act is a federal law that protects consumers in the state of Oklahoma when they use credit cards or other forms of credit to purchase goods and services. The Act requires credit card companies to follow certain procedures when a consumer disputes a charge on their bill. The Act also limits a consumer’s liability for unauthorized use of their credit card. Under the Act, credit card companies must send the consumer a billing statement that clearly details all charges and any applicable finance charges. If a consumer believes a charge is incorrect, they can send a written explanation to the credit card company which must then investigate and correct the issue. The credit card company has thirty days to investigate the dispute, and if they find the charge is incorrect, they must remove it and reimburse any fees assessed. If a consumer’s credit card is stolen and used for unauthorized purchases, the Act limits the consumer’s responsibility to no more than fifty dollars. The card issuer must also immediately waive any finance or other charges associated with the unauthorized purchases. By protecting consumers in Oklahoma and ensuring fair practices from credit card companies, the Fair Credit Billing Act helps to ensure that consumers can purchase goods and services without fear of being wrongfully charged.

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What is the Fair Credit Billing Act?

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