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Wednesday, March 10, 2010 | |
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What is your liability for unauthorized use of your credit card? If you believe billing errors have occurred with your credit card then take these steps immediately: 1. Inform the credit card company in writing of the error. This must happen within 60 days of the credit card statement date. Send this to the "billing inquires" address included on the statement. Do include your name and account number, the date and amount you are disputing, why the bill is wrong. 2. Pay all correct parts of the bill on time. You are not required to pay the disputed amount, or any finance charge or minimum payments that may apply to it. The credit card company is required to investigate your reported error. If they find there was indeed an error you will not be required to pay the disputed charge or any related finance charges. If they find there was no error, the credit card company will send an explanation along with the amounts you owe, which will include any finance charges that may have accumulated while your claim was investigated. What if something you ordered arrives damaged? The federal Fair Credit Billing Act allows consumers to withhold payment for damaged or poor-quality goods and services purchased with a credit card. This is allowed even if you have already received the goods or services, if you have attempted to reconcile the problem with the vendor. The limitation is that the purchase must have been for an amount of more than $50 and must have taken place in your home state or within 100 miles of your home address. If this happens you must notify the credit card company in writing and explain why you are withholding the payment. The payment may be withheld while the credit card company investigates your claim. If you pay the charges for the goods on your credit card bill before the dispute is resolved, you will lose your right to make a claim. |
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