Disputing Credit Card Charges
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Disputing Credit Card Charges
Overview
Imagine receiving your credit card bill only to realize the only purchase you recall making last month was at a gas station. However, your statement shows three purchases at Old Navy and several other transactions you don’t recognize. What should you do in such a situation?
Do you know your rights regarding fraudulent charges on your credit card? What if you ordered something with your card but never received it? While these issues may not have affected you yet, they are common among credit card users. Understanding your rights and responsibilities can be invaluable.
Handling Unsatisfactory Purchases
One key advantage of using a credit card is the added protection it offers for unsatisfactory purchases. Suppose you paid contractors with your card to fix a shower leak, but the issue persists. Naturally, you wouldn't want to pay for incomplete or subpar work, but the charge has already appeared on your bill.
Start by contacting the contractor or merchant. Most merchants are willing to replace items, redo services, or issue refunds. Always document your phone calls and follow up with a letter to ensure a paper trail in case the merchant doesn't fulfill their promise.
If the merchant is unresponsive or unwilling to resolve the issue, contact your credit card company immediately. Do not delay, as most companies require prompt reporting to provide protection.
Addressing Unauthorized Charges
Federal law helps limit cardholders’ responsibilities for unauthorized charges. Under the Fair Credit Billing Act, your liability for unauthorized charges is capped at $50. If you discover unauthorized transactions, take swift action to resolve the issue.
First, call your credit card company to report the unauthorized charges. They will guide you through the necessary steps.
Next, review your recent credit card statements to check for any other unauthorized charges you might have overlooked.
The credit card company might require you to sign a form confirming you did not make the disputed charges. Avoid using your card while the dispute is being resolved.
Once the charges are resolved and removed, request your credit reports from the major bureaus. This is crucial because the time taken to resolve disputes might have led to late payment reports on your credit, affecting your credit score.
For further guidance on credit card disputes, you can consult the Federal Trade Commission.
You can find the original non-AI version of this article here: Disputing Credit Card Charges.
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