The Rules, The Process & Your Rights. Perhaps the most important credit card benefit is your protection against unauthorized and fraudulent purchases. If you’ve ever had a dispute over an authorized purchase with a debit card you realize how unpleasant that experience can be. That’s because it’s your money that’s been lost and not the bank’s. Even if that loss is only temporary, you may not have enough money in your account to pay bills. With a credit card, the issuer’s money is on the line, which is why they will usually be willing to go to the mat with the retailer to rectify the situation and perform a charge back if necessary.
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- Make sure you understand the disputes process, laws and your rights!
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However, the ball is very much in your court to alert them to unauthorized charges — regardless of whether it’s a simple error or outright fraud. First, let’s talk about billing errors. That being said, most reputable credit card companies will waive that $5. Charges for goods and services you didn’t accept or weren’t delivered as agreed upon. Charges that have the incorrect amount or date. Charges incurred when payments/credits are not properly posted to your account – i. If you return an item and the credit never shows up on your account.
Charges in which you ask for an explanation or written proof of purchase, along with a claimed error or request for clarification. Charges incurred due to the credit card company not mailing the statement to your current address. The change of address must have been provided in written form and the creditor must have received it at least 2. Math errors. The FCBA credit card dispute rules and rights do not apply if you are disputing the quality of goods and services. So if you purchased something defective, it would not be considered a “billing error” (but we’ll talk about disputing the quality of goods and services a little bit later).
Dispute Process For “Billing Errors”If you’re disputing credit card charges as a billing error, here’s an overview of the process. However, since the FTC website says you must mail a letter in order to be covered, then you should do that. Here is a credit card dispute letter sample. When you mail the letter, make sure you send it to the “billing inquiries” department. This is probably a different address than where you mail your payments so call customer service to find out where you should send it. There is a credit card dispute time limit!
The letter has to be received by your creditor within 6. If you send a letter, make copies (and copies of any receipts you included) and send it via certified mail with return receipt so you have proof it was sent. Step Two: The Investigation Process Begins.
Within 3. 0 days of receiving your dispute, the credit card company must respond to you in writing to confirm they received it. If you choose to only make the complaint over the phone, you still should expect to receive the written confirmation in the mail.
If for some unusual reason your billing cycle is longer, the maximum amount of time the process can take is 9. During the credit card dispute process investigation, you will not be required to make payments or pay finance charges on the purchase(s) in question. Step Three: The Investigation Concludes. The dispute will either be ruled in your favor or the merchants favor.
Here’s what typically happens in each situation: Ruled in your favor? The credit card company will mail you a letter which states your billing error complaint is valid and the appropriate corrections to your account have been made. This includes permanently removing the actual charges, accrued interest charges, applicable late fees, etc. For example, if you bought something for $1. In case you are found to be partially responsible, you will owe any applicable finance charges and fees that would have normally accrued (from date of purchase to the present) on whatever amount you’re responsible for. Ruled in seller’s favor?
If the dispute process finds that the charge is valid (not a “billing error”) then you will be responsible for the full amount, plus any interest and fees that would have otherwise accrued. The letter will provide details explaining what you owe. If you disagree with the decision, you do have the right to try and refute it. However to do so, the credit card dispute law states that you must respond in writing within 1. Should you choose to refuse to pay the disputed amount, you can indicate that in your written response. However you should be aware that the credit card company will have the right to start the collections process after you tell them you won’t be paying.
If it is reported to the credit bureau, legally they will be required to notate the fact that it’s money the customer doesn’t believe they owe. Dispute Process For “Quality of Goods & Services”As mentioned, if your complaint is about the quality of goods and services received, the above credit card dispute rules for “billing errors” will not apply. That being said, you will be entitled to other rights of protection if: The purchase is for $5. Document everything. It’s always a good idea to document everything very thoroughly.
Keep multiple copies of all correspondences and receipts. Make a log of your phone calls. If communicating by mail, make sure it’s sent certified with return receipt so you have proof. Remember pre- existing agreements. Judging from posts on the credit card message board, the #1 mistake often made is that people forget pre- existing agreements they have with the seller.
You may have already signed away your rights to a dispute and not even know it. For example, an increasingly common practice among contractors is to have their customers sign away their rights to credit card disputes when you hire them (this is very sneaky and should be a major red flag to not hire them). Later on when a customer files a dispute about the quality of service, the contractor weasels out of it by sending that signed agreement to the credit card company.
Even if you did unknowingly sign away your rights, it doesn’t automatically mean you will lose (depending on the circumstances and the state you live). But it very well could kill your dispute, so you should always avoid waiving this right. Despite that the circumstances were for all intents and purposes the same, only the man who filed as an unauthorized charge won. Now this does not mean you should intentionally misrepresent the nature your dispute.
But if it truly is an unauthorized charge, make sure it is filed as such. Sometimes, a rep may file it under some other billing error and that will change the way it is handled, since the credit card dispute rights will be different.
Penalties for the card issuer not following procedures. The credit card dispute laws must be followed by your card issuer.
Complaints must be acknowledged past the 3. Investigation must not take more than two billing cycles. Card issuer can not threaten to report you to the credit bureaus for not paying while the dispute was still in process (that can only be done after). Those are just a few examples. The bottom line is if the credit card issuer failed to follow the process (and you can prove that) then they may not collect the amount in dispute or any related finance charges, up to $5.
It is also possible to sue the card issuer when they violate the Fair Credit Billing Act. If they’re found guilty, you may be awarded damages, plus 2x the finance charges accrued – as long as it’s between $1. Share your problem on Credit. Card. Forum. Updated April 1.