The Learning Center
Terms that begin with F
Fair Credit Billing Act (FCBA)
The Fair Credit Billing Act (FCBA) was established as a federal law in the United States as an amendment to the Truth in Lending Laws. The law is designed to provide consumers with protection against unfair billing practices and sets guidelines for correcting mistakes on credit account billing statements.
Some examples of billing errors which are covered under the FCBA are:
The FCBA allows credit card holders to dispute any charges they believe to be false within a 60 day period. This dispute must be done in writing and mailed through the United Postal Service to the billing inquiries address provided on their credit card statement. Once received a chargeback is sent to the vendor. The vendor then has 90 days to investigate and either provide documentation as to why the charge is valid or allow a credit to be returned to the consumers account. There are also a number of guidelines and time frames that creditors must adhere to in regards to timely and accurate billing.
The FCBA is governed by the Federal Trade Commision as the enforcing agency which provides administrative enforcement to financial institutions. Financial institutions may be held civilly liable for damages in individual or class action suits, however limits on both apply.
Copyright © 2002-2018
Best Credit Card Reviews
* See the online credit card application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the "Apply Here" button, you can review the credit card terms and conditions on issuers website.