Financial Glossary: Fair Credit Billing Act


en			ru			jp

Home

Knowledge Base

Financial Glossary

Fair Credit Billing Act

Back

Fair Credit Billing Act

Fair Credit Billing Act

Passed by Congress in 1975 to help customers resolve billing disputes with card issuers.

The act requires issuers to credit payments to a customer's account the day they are received. To be protected under the law, the consumer must write to the issuer within 60 days of the mailing date on the bill with the error. The issuer is then required to investigate and either correct the mistake or explain why the bill is correct within two billing cycles. The issuer also must acknowledge a customer's complaint in writing within 30 days. Each issuer is allowed to set specific payment guidelines. If any of the guidelines are not met, the issuer can take as many as five days to credit the payment.

With the passing of FACTA, people are NOW allowed to request their credit reports free, once per year, from all three of the major credit reporting agencies (Equifax, Experion and Transunion).

Posted by EBD Group AG

Back

Privatebanking.com

Get the attention you always wanted and promote your corporate image and standing by benefiting from our state of the art interactive web presence.

Ascent Limited

Experience The Difference. Ascent Limited provides first class wealth management and family office services. Our private banking team, assembled from a group of highly experienced banking professionals, will provide financial advice tailored to your individual requirements and keep your portfolio in tune with the latest market developments and opportunities.

©	Copyright by PRIVATE BANKING.COM 2002- - All rights reserved.