BANKING AFFAIRS

Detailed explanation-1: -What Is the Fair Credit Billing Act? The Fair Credit Billing Act is a 1974 federal law enacted to protect consumers from unfair credit billing practices and enables individuals to dispute unauthorized charges and undelivered goods or services.

Detailed explanation-2: -The amendment prohibits creditors from taking actions that adversely affect the consumer’s credit standing until an investigation is completed, and affords other protection during disputes.

Detailed explanation-3: -The Act requires creditors to give consumers 60 days to challenge certain disputed charges over $50 such as wrong amounts, inaccurate statements, undelivered or unacceptable goods, and transactions by unauthorized users. Also, the Act limits liability of consumers for transactions by unauthorized users to $50.

Detailed explanation-4: -Examples of billing errors Charges in the wrong amount. Charges for goods or services not received by the consumer. Charges for goods not delivered as agreed. Charges for goods that were damaged on delivery.

Detailed explanation-5: -Fair Credit Billing Act vs. Both the FCBA and FCRA protect consumers, but they do so in different ways. The FCBA applies to billing errors, while the FCRA helps ensure that your credit reports have fair, accurate information and that your information is protected, among other things.