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Simple English definitions for legal terms
Fair Credit Billing Act (FCBA)
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A quick definition of Fair Credit Billing Act (FCBA):
The Fair Credit Billing Act (FCBA) is a law that helps protect people who use credit cards. It says that if you see a charge on your credit card bill that you didn't make or that is the wrong amount, you have 60 days to tell the credit card company and ask them to fix it. The law also says that if someone uses your credit card without your permission, you are only responsible for up to $50 of the charges. The Federal Trade Commission (FTC) makes sure that companies follow this law. If you need help disputing a charge on your credit card bill, you can find more information on the FTC's website.
A more thorough explanation:
The Fair Credit Billing Act (FCBA) is a law that was passed in 1974 to protect consumers who use credit cards. The law requires credit card companies to follow certain billing practices and gives consumers the right to dispute charges on their credit card statements.
Under the FCBA, credit card companies must:
- Give consumers 60 days to dispute charges over $50
- Investigate and respond to disputes within a reasonable amount of time
- Correct any errors on the consumer's account
- Limit the liability of consumers for unauthorized charges to $50
Examples of disputes that can be made under the FCBA include:
- Charges for goods or services that were not received
- Charges for goods or services that were not as described
- Charges for goods or services that were not authorized
- Charges for the wrong amount
For example, if a consumer receives a credit card statement that shows a charge for a product they never received, they can dispute the charge under the FCBA. The credit card company must investigate the dispute and correct any errors on the consumer's account.