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CLOSE UP:LEGAL PROTECTION FOR CARDHOLDERS

Published by sam - 21/09/07 - 10:09:40 am

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The Fair Credit Billing Act of 1974 offers cardholders significant protection against billing errors made by the card issuer or the merchant and limited recourse if you are dissatisfied with the goods or services you have charged on your card.

Billing Errors

Billing errors for which the issuing bank is responsible include failure to record payments that you made and mathematical errors made in totaling your charges or calculating the finance charge.

Billing errors for which merchants are responsible include charges for items you did not order or never received; items delivered to the wrong address, in the wrong quantity, or so much later than promised that the bill arrived before the item; and items that turned out to be different from what you had ordered.

When either type of error occurs, you must notify the issuing bank in writing within 60 days of receiving the statement containing the disputed amount.  You letter should include, in addition to your account number, a description of the error, the amount of the error and if possible some explanation of why the error many have occurred.  If the error involves a merchant, you should attach copies of any bills, sales receipts, or other supporting documents.

Pending resolution, or other, you may withhold payment of the disputed amount of the disputed amount, but you must pay the undisputed balance.  Until the dispute is resolved, the card issuer is not permitted to close your account or to threaten your credit rating by reporting you as delinquent.

Defective Merchandise

Although your state consumer protection laws may help you in the event that merchandise you buy proves defective, the Fair Credit Billing Act offers you scant protection. If permits you to withhold payment on an unsatisfactory card transactions only if it meets all three of the following requirements: the purchase must have amounted to more than $50, the purchase must have been made in the same state as your card billing address or, if outside the state within 100 miles of your billing address; and you must have made an effort to clear up the problem with the merchant or supplier involved.

Even if your problem satisfies these conditions, the law does not prevent the supplier from suing you, although in that event your defense may specify the card issuer as the seller of the defective goods or services.

A preferable tactic is to define your problem as a billing error, since presumably you were billed for a satisfactory product and receive a defective one.  Most banks seem willing to accept this kind of claim—presumably because they have more to gain by retaining your long term goodwill than that of the supplier who is the subject of your complaint.

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