Your Credit Card Holder Rights Are Protected by Law
04/04/2008 | Security and Protection
America is reputed to be the country where even small children know their rights. And that is true. The US court system based on case-law, allows suers to win cases that seem to have no prospects of success at all. Here you can win a million dollars for drying your cat in a microwave oven. But when it comes to some serious issues, like credit card processing, some people forget about their rights.
Many card holders just take it for granted that their credit card company is the chief justice in everything concerning your credit cards. But if you turn to the Fair Credit Billing Act, the upper hand can be yours.
Of course, you have rights, and the law is on your side. But this does not mean that you can sue your credit card issuer for imposing penalty fees after you missed your payments, or violate some other rules of your credit card agreement. You should remember that it is not just your rights you are to know, you also have obligations to fulfill. That is why you see in nearly all credit card articles phrases like "You should carefully read your credit card terms and conditions, especially the fine print".
Only in case you know your commitments and rights very well, you can judge whether you have been exposed to some unfair practices or not.
If you have some problems with credit card bills, the Fair Credit Billing Act is what you are to refer to when standing upon your rights. The Fair Credit Billing Act, a US federal law, is aimed at protecting consumers from unfair billing practices.
Say, you did not get the item you had paid for, or it turned out to be defective. Here is what actions you are take in this case to dispute the charges:
1. You should contact your credit card issuer in writing within 60 days from receiving the bill. Your claim should contain your personal information (your account number, your full name) and the details about the item.
2. Enclose all supporting documentation needed.
3. Make a copy of each paper. Sending the letter by mail gives you a 100% guarantee that it will be delivered. Under the law, your credit card issuer is to contact you within 30 days after they receive your claim and let you know what measures they are planning to take. In case your claim is allowed, you will either get a money refund, receive the item you have paid for, or exchange the defective item for a new one without paying extra money. However, every case is individual.
Despite all preventive and protection measures that credit consumers and card issuers take against credit fraud and identity theft, thousands of people fall victims to scammers' predatory practices every day. Even the most secure extended fraud alert system placed on your credit report does not protect your credit card from fraud and your credit score from being damaged.
If you happen to suffer from ID theft or any other type of credit card fraud, Consumer Credit Card Protection Act will help you to handle the problems.
Fair Debt Collection Practices Act protects you from abusive debt collectors' practices. Actually, there are acts and laws that protect you from all types of illegal actions you can come across managing your credit cards. You just need to keep your eyes open and know your rights. Do not be afraid to resort to law protection if you feel abused.
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Comments
Ryann, 08:10 AM, April 04, 2008
I use to fight for my rights. No matter if it is a jello with an expired better before date, or intrusion into my private life. Luckily, i haven't faced any abusive credit card practices, but if i ever do, i will appeal to law for sure.
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