Credit Repair Glossary

• Fair Credit Billing Act

  The Fair Credit Billing Act (FCBA) is the primary law which governs credit accounts such as credit cards (including overdraft checking cards) and revolving accounts such as those issued by discount retailers and department stores. A similar law, “The Electronic Transfer Act”, applies to electronic fund transfers such as those performed at an ATM or point of sale debit transactions. These two laws are similar in the rights they grant consumers through regulation of the credit industry.

  The FCBA provides you, the consumer, with the right to dispute certain charges.  Have you ever been billed for merchandise you returned or never received? Has your credit card company ever charged you twice for the same item or failed to credit a payment to your account? While frustrating, these errors can be corrected. It takes a little patience and knowledge of the dispute settlement procedures provided by the Fair Credit Billing Act (FCBA).

  For more information, read the full text of the FCBA here.  Or, check out our summary of your rights under the Fair Credit Billing Act and how to dispute credit charges.