ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Fair Credit Billing Act provides consumers with protection from unfair billing practices. Billing errors covered by the law include unauthorized charges, charges with an incorrect date or amount, and calculation errors.

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: -Federal law (the Fair Credit Billing Act, or FCBA) sets out a dispute process to help you get those mistakes fixed on credit cards and revolving charge accounts (like open-end credit accounts).

Detailed explanation-4: -The FCRA is chiefly concerned with the way credit reporting agencies use the information they receive regarding your credit history. The law is intended to protect consumers from misinformation being used against them.

Detailed explanation-5: -The FCBA protects consumers against inaccurate or unwarranted charges. Cardholders have protection against liability for fraudulent charges under FCBA if their credit card details have been compromised in a data breach or if they discover a thief has gained access to their credit details.