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It is important to check credit billing and electronic fund
transfer account statements regularly. These documents may
contain mistakes that could damage your credit status or
reflect improper charges or transfers. If you find an error
or discrepancy, notify the company and contest the error
immediately.
establish procedures for resolving mistakes on credit billing and
electronic fund transfer account statements, including:
-
charges
or electronic fund transfers that you — or anyone you
have authorized to use your account — have not made;
-
charges
or electronic fund transfers that are incorrectly
identified or show the wrong amount or date;
-
computation
or similar errors;
-
failure
to reflect payments, credits, or electronic fund
transfers properly;
-
not
mailing or delivering credit billing statements to your
current address, as long as that address was received by
the creditor in writing at least 20 days before the
billing period ended;
-
charges
or electronic fund transfers for which you request an
explanation or documentation, due to a possible error.
The
FCBA generally applies only to "open end" credit
accounts — credit cards, revolving charge accounts (such
as department store accounts), and overdraft checking
accounts. It does not apply to loans or credit sales that
are paid according to a fixed schedule until the entire
amount is paid back, such as an automobile loan. The EFTA
applies to electronic fund transfers, such as those
involving automatic teller machines (ATMs), point-of-sale
debit transactions, and other electronic banking
transactions.
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