What is the Fair Credit Billing Act?

The Fair Credit Billing Act (FCBA) is a federal law that was enacted in 1975 that gives consumers rights when they have billing disputes with banks and other creditors. This law applies to all consumers in the state of Texas. The FCBA provides consumers with a variety of protections in the event of an error on their bill. For example, if the consumer disagrees with the amount on their statement, they can dispute the charge with their credit card issuer or bank without worrying about late fees or finance charges. The FCBA also grants consumers with the right to have the creditor investigate the error and correct it if it is determined to be incorrect. It also prohibits creditors from taking legal action against the consumer or reporting the error to a credit bureau. The FCBA also includes requirements for creditors to keep accurate records and provide information to its customers about the terms of their accounts. It also includes rules about how creditors can charge late fees, interest, and other finance charges. The FCBA protects consumers in Texas by giving them protections in the event of billing errors and ensuring that their creditors are providing accurate information and charging reasonable fees and interest. It helps promote fairness and disclosure in the billing process and provides an avenue to resolve any disputes that may arise.

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What is the Fair Credit Billing Act?

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