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Fair Credit Billing Act

Enacted in 1975, this law protects consumers from vendors' unfair billing practices for purchases made on credit cards. The act has several important provisions. First, it allows consumers to settle billing errors with venders through their credit card issuers. If the goods or services are faulty or never received, or if the vendor charges the wrong amount, for example, the cardholder can dispute the charges by submitting a written claim to the card issuer. If the card issuer deems the charge erroneous, the customer will not be charged. The act also protects consumers against unauthorized use of their cards (charges made by a thief, for example) by limiting cardholders' liability for unauthorized charges to $50.