Fair Credit Billing Act - FCBA

DEFINITION of 'Fair Credit Billing Act - FCBA'

A federal law designed to protect consumers from unfair credit billing practices. The Fair Credit Billing Act (FCBA) provides guidelines for both consumers and creditors including procedures to manage disputes regarding billing statements. In addition, any interest accrued on the billing error has to be dropped if your claim is confirmed.

BREAKING DOWN 'Fair Credit Billing Act - FCBA'

One of FCBA's provisions states that consumers with a dispute must notify the creditor in writing within 60 days of a billing statement and the creditor must acknowledge receipt of the letter within 30 days. Examples of billing errors include charging the wrong account, calcuation errors and charges for goods that haven't been received.

RELATED TERMS
  1. Consumer Advisory Council - CAC

    A legislative body established by Congress in 1976. The Consumer ...
  2. Financial Stability Plan (FSP)

    A plan unveiled by the Obama administration in April, 2009, that ...
  3. Credit Card

    A card issued by a financial company giving the holder an option ...
  4. Charge Card

    A card that charges no interest but requires the user to pay ...
  5. Identity Theft

    The crime of obtaining the personal or financial information ...
  6. Credit

    1. A contractual agreement in which a borrower receives something ...
Related Articles
  1. Retirement

    Understanding Credit Card Interest

    Paying these rates can impact your disposable income and your investment returns.
  2. Credit & Loans

    How To Dispute A Credit Card Charge

    Follow these steps if you've been ripped off or spot an error on your bill.
  3. Insurance

    Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.
  4. Budgeting

    How Much Debt Can You Handle?

    Follow these five steps to manage debt without cutting up your credit cards.
  5. Credit & Loans

    Should You Close Your Credit Card?

    Find out the consequences before deciding to end your credit agreement.
  6. Budgeting

    The Basics Of Financial Responsibility

    Just being able to make your credit card payment doesn't cut it. Find out what does.
  7. Credit & Loans

    Take Control Of Your Credit Cards

    The plastic in your wallet doesn't have to hurt your finances. Learn how to manage it responsibly.
  8. Credit & Loans

    How Credit Cards Affect Your Credit Rating

    The average American household has four cards, but does that mean more is better?
  9. Insurance

    Your Financial Life: From Stressful To Stress-Free

    Find out how to get the ball rolling on your future financial security. Then sit back and watch things unfold.
  10. Credit & Loans

    Identity Theft: Who To Call For Help

    If your identity is stolen, it's critical to act fast. Find out what to do if it happens.
RELATED FAQS
  1. Are 'gray' credit card charges legal?

    Gray charges are not technically illegal or fraudulent, but they are deceptive and misleading. Some companies have been taken ... Read Full Answer >>
  2. Can FHA loans be used for condos?

    A borrower can obtain Federal Housing Administration (FHA) loans to finance the purchase of a condominium as long as the ... Read Full Answer >>
  3. Can I get dental insurance with Medicare?

    Medicare does not offer dental insurance that will cover dental care and medical supplies, such as cleanings, sealants, extractions, ... Read Full Answer >>
  4. Who can make catch-up contributions to a Health Savings Account (HSA)?

    An eligible individual who is 55 years or older at the end of his tax year can make additional catch-up contributions to ... Read Full Answer >>
  5. Do banks offer FHA loans?

    Many major U.S. banks, including Well Fargo & Company, U.S. Bancorp, Bank of America and Flagstar Bancorp, offer Federal ... Read Full Answer >>
  6. What do states do with unclaimed property?

    Unclaimed property refers to personal accounts in financial institutions or companies that have had no activity and whose ... Read Full Answer >>
Hot Definitions
  1. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
  2. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  3. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  4. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  5. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
Trading Center