What is the '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. Cycle Billing

    The practice of billing different customers based on a scheduled ...
  2. Bill Announcement

    An announcement published by the U.S. Treasury regarding the ...
  3. Double-Cycle Billing

    A method used by creditors, usually credit card companies, to ...
  4. Consumer Advisory Council - CAC

    A legislative body established by Congress in 1976. The Consumer ...
  5. Balance Billing

    When a health care provider bills a patient for the difference ...
  6. Accrued Income

    Income that is earned in a fund or by company by providing a ...
Related Articles
  1. Personal Finance

    5 Steps To Disputing A Credit Card Charge

    Federal and state laws offer protection to consumers when credit card charges are in question.
  2. Personal Finance

    Automating Your Bill Payments

    Automation can be a painless (and free) way to remove the stress of bill scheduling from your life - if you do it right.
  3. Personal Finance

    How To Dispute a Credit Card Charge

    Follow these steps if you've been ripped off or spot an error on your bill.
  4. Managing Wealth

    Should You Pay Your Bills On Autopilot?

    Now that you can sign up to have your bills paid automatically online, it it a smart way to make your life more efficient? A look at the pros and cons.
  5. Investing

    Bill of Exchange

    A bill of exchange is a document used in international trade to pay for goods or services. It is signed by the person promising to pay, and given to the person entitled to receive the money. ...
  6. Personal Finance

    How to Challenge & Win A Credit Card Dispute

    Found an error on your credit card statement? Five strategies to persuade the card issuer to fix it in your favor.
  7. Investing

    Credit Report Alert!

    Chances are your credit report has mistakes – which could cost you hundreds a year in mortgage, car loan or credit card interest. Here's how to correct it.
  8. Trading

    The Life Of A $20 Bill

    Next time you pull a $20 out of your wallet, consider where it has been.
  9. Personal Finance

    Best Ways to Repair Your Credit Score

    Follow these 6 steps and you'll be on your way to a better credit score.
  10. Personal Finance

    Fixing Your Credit Score: A Do It Yourself Guide

    Following these five steps can go a long way toward repairing a low score.
RELATED FAQS
  1. Who uses bills of exchange?

    Find out who uses bills of exchange, why they are important in international trade and what happens when a bill is traded ... Read Answer >>
  2. What are some examples of credit report errors that I can dispute?

    Discover how to get access to your consumer credit report, identify incorrect information, and communicate with creditors ... Read Answer >>
  3. Do unpaid medical bills appear on my credit report?

    Find out if an unpaid medical bill can be reported to a credit bureau, if it affects your credit score and when it is turned ... Read Answer >>
  4. What’s the difference between a consumer disclosure and a credit report?

    Find out why consumer disclosures and credit reports are considered different documents, even though they contain similar ... Read Answer >>
  5. Can I have more than three original Bills of Lading?

    How many bills of lading copies are allowed when importing or exporting? Should I ship by air or sea? What type of bill of ... Read Answer >>
Hot Definitions
  1. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will ...
  2. Down Round

    A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the ...
  3. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  4. Portfolio Investment

    A holding of an asset in a portfolio. A portfolio investment is made with the expectation of earning a return on it. This ...
  5. Treynor Ratio

    A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless ...
  6. Buyback

    The repurchase of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies ...
Trading Center