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Credit card holders carry a weighty responsibility. Credit is a privilege, and people with good credit generally look for ways to maintain their high rating.
This lets them buy a home, finance an automobile, and obtain future credit. Of course, to enjoy these privileges, it's vital for credit card holders to
stay creditworthy. Everyone acknowledges the dangers associated with paying bills late and keeping high debts. Yet, many consumers don't examine their
statements for erroneous information, which can have an equally damaging effect on their credit.
No one is immune to credit card statement errors. A merchant may submit a duplicate charge, an incorrect charge (ex. submit $250 instead of $25),
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or worse, you may find a charge for items you didn't purchase. And sometimes, the billing error may not involve a merchant. Your creditor may neglect to
credit a payment to your account.
Under the Fair Credit Billing Act, which states your rights as a credit card holder, "If you have a complaint or question about your bill,
the creditor must follow the procedures outlined in the Fair Credit Billing Act to resolve the dispute."
However, to benefit from this law, prompt action is required on your part.
1. Don't Delay: It's natural to tumble into a pattern of procrastination.
However, you shouldn't drag your feet with credit card statement errors.
The Fair Credit Billing Act requires credit card holders to report inaccuracies within 60 days or two billing cycles.
If errors aren't reported within this time span, you become liable for the charges. Once you receive your bill,
thoroughly check the statement and look for unfamiliar accounts or charge errors.
2. Gather Receipts: According to The Insider's Guide to Managing Your Credit by Deborah McNaughtin,
a paper trail can expedite the dispute process. In other words, retain all credit card purchase receipts -
at least until your statements arrive in the mail.
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