Have you ever been billed for merchandise you either returned or never received? Has your credit card company ever charged you twice for the same item or failed to credit a payment to your account?
While frustrating, these errors can be corrected. It takes a little patience and knowledge of the dispute settlement procedures provided by the Fair Credit Billing Act (FCBA).
The law applies to “open end” credit accounts, like credit cards, and revolving charge accounts, like department store accounts. It does not cover installment contracts — loans or extensions of credit you repay on a fixed schedule. People often buy cars, furniture, and major appliances on an installment basis, and repay personal loans in installments, as well.
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