You're starving and the Chinese food you ordered is finally delivered. You pay for it with your credit card, tip the delivery guy and sit down to enjoy it. That's when you notice the pork noodle dish you ordered is missing. Frustrated, you pick up the phone and talk to the restaurant manager. He apologizes and says the price of the pork noodles will be taken off your bill. But when your credit card bill comes, the restaurant charged you for the full amount. Now what do you do?
Well, you could swallow your losses and find another place that delivers. But even if there isn't another Szechuan place for a dozen miles, the Fair Credit Billing Act can help you.
Your Rights Under the Fair Credit Billing ActThis federal law gives you certain rights when it comes to using a credit card. The law requires the credit card issuer to quickly resolve a matter you're disputing and it protects you from any negative credit reports during the investigation.
By calling the credit card company, you can explain to them your issue. Here's a checklist for disputing a payment: - Be sure to take phone notes - write down the name of the person you're speaking to, the date and time, and whatever the person tells you will happen next.
- You might also need to either fax or write a letter explaining the situation.
- If you send a fax, be sure to follow up with a phone call to ensure the fax was received.
- If you send a letter by mail, send it certified mail, return receipt requested so that you have proof it was received.
The credit card company will investigate and they are required to resolve the matter within 90 days. In the meantime, you will not have to pay for the pork noodles nor will you incur any finance charge. Even More Rights Under the FCBAThe Fair Credit Billing Act also protects you from unauthorized charges. If you see items on your bill that you never initiated, call your credit card company immediately. While legally you could be responsible for up to $50 of the charges, most credit cards will not enforce that.
Another time you might need to dispute a credit card bill would be if you returned something but the store did not credit your account. Again, you would follow the procedure of calling the credit card company and possibly following up with a letter or fax.
Finally the Fair Credit Billing Act also offers you protection if you move and the credit card company fails to send your bills to your current address. If you incur fees because of this, you can dispute those fees under federal law. This is one of the many examples of why it is so important to understand your credit rights.
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