What is credit card dispute resolution law?

Credit card dispute resolution law is a set of laws designed to protect consumers from fraudulent credit card activities. It gives cardholders the right to dispute unauthorized or erroneous charges and receive a refund or other resolution from the credit card company. Credit card dispute resolution law in Rhode Island is governed by federal and state regulations. Under the Fair Credit Billing Act (FCBA), consumers can report billing errors in writing to the credit card issuer within 60 days of when the error appeared on the bill. If the credit card company finds that there was indeed an error, it must credit the customer’s account for the amount in dispute and send an explanation for the correction. The Electronic Fund Transfer Act (EFTA) allows customers to dispute certain unauthorized electronic fund transfers. If the consumer discovers an unauthorized transfer, they must notify their bank within 60 days of when the transfer appears on their statement to dispute the transaction. The bank must investigate the claim and may provide a provisional credit to the customer while the claim is being investigated. Rhode Island residents should familiarize themselves with the laws regarding credit card dispute resolution in order to best protect their financial and personal information. Knowing the legal process can help consumers resolve disputes with financial institutions quickly and effectively.

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What is credit card dispute resolution law?

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