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Fair Credit Billing Act Fair Credit Billing Act passed by Congress in 1975 to assist the Consumers resolving billing disputes with banks or other credit card providers. Disputes may include anything from computational errors and incorrect fees to the crediting of payments.
The bank is then required to investigate and either correct the mistake or explain why the bill is correct within 60 days. The act requires the banks to credit payments to a Consumer's account the same day, when they are received.
To be protected under the this law, the Consumer must send a dispute letter or submit a dispute online to the bank within 60 days after the billing statement received either online or by mail.
The credit card issuer also must send a confirmation letter to the Consumer that the complaint is received within 30 days. Each creditor is allowed to have own specific payment rules and guidelines. If any of the guidelines are not satisfied, the bank can take up to five days to credit the payment.
Fair Credit Billing Act regulates the relationships between the Consumers and the creditors allowing each party to be satisfied.
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