What is a Fair Credit Billing Act?
The Fair Credit Billing Act is a law that applies to credit cards in New York and across the country. It is designed to protect consumers from unfair or unauthorized billing practices by credit card companies. The Fair Credit Billing Act allows consumers to contest charges that appear on their credit card statements. It also provides guidance on how to do so. Consumers are allowed to dispute any charge made to their account that is incorrect or unauthorized. If a consumer notices an error on their statement, they can contact the credit card company and the company is required to investigate the charge. The Fair Credit Billing Act also protects consumers from “billing errors.” This means that if a transaction is not processed correctly or if the terms of a purchase have changed, the consumer is allowed to dispute the charge and the credit card company must resolve the problem. The Act also requires that credit card companies give consumers at least 60 days to pay their bills and that they provide statements that clearly list all transactions. This helps consumers keep track of their credit card transactions and understand exactly what they are being charged for. The Fair Credit Billing Act is an important law that helps protect consumers from unfair or unauthorized credit card billing. It is important for consumers to familiarize themselves with the provisions of the Act and to be sure to dispute any incorrect charges they may find on their credit card statements.
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