How To Deal With Credit Card Billing Errors
One of the most frequent mistakes made in the banking sector is that of credit card billing errors. Individuals often find that their bank statement does not reflect the correct amount that has been spent. However, if you discover an error in your statement then there is no need to panic because the Fair Credit Billing Act can help you settle all the errors.
Why Do You Need To Do This?
Remember that it is very important to have correct billing statements. If there is any credit card errors, you could have an adverse affect on your credit score or credit reporting. Therefore, do not be lazy or careless about the bills. Keep a record of your own and simply match it up with the amount given in the bills. All this calls for financial management!
Keep All The Receipts
Whenever you receive your bank statement, immediately go through it and check it clearly for any errors. For this you will need all the receipts of the money you had spent to tally with the records on the statement. If any error is found on the statement then it might be due to duplication, incorrect credit of the payment, incorrect amount charged or entering an amount which you didn’t spend.
Resolving the Dispute
Once you have identified the error, send the letter to your credit company which specifies all the details including your name, address, account number, mentioning the error and attach all the copies of the receipts. If you wish your case to be processed then you would have to submit your letter within 60 days time.
The benefit which you receive is that while your claim is being settled, you won’t have to pay for that amount specified on your statement.
Creditor’s Responsibility
When you submit the letter mentioning the error, the creditor has 30 days to reply to your query. Under this period, you would be notified if the error was true or not and what could be done to solve the problem. However, for this you have be patient as this does not happen overnight.
Fair Credit Billing Act
As mentioned above, when your dispute is in the process, the amount which you have claimed to be an error won’t have any interest being charged on it. Furthermore, if the creditor does not respond to your letter within the specified time period of 30 days, then you aren’t liable to pay that amount anymore. Therefore, make sure you are aware of your rights.
Dispute with the Creditor
If the creditor disagrees with the claim you have made then there is one more thing which you could do. Within 10 days time you could rewrite to the creditor mentioning that you also disagree with their findings, hence an inquiry should be launched with the credit bureau.
Therefore, always make sure that you keep a check of the amounts in your statements which you receive every month to avoid long term headaches.
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