Is the FCBA the same as the Fair Credit Reporting Act (FCRA)?

No. While the FCBA and FCRA protect consumers from unfair billing practices, the FCBA addresses billing errors and forms the basis for the current chargeback system, while the FCRA safeguards consumersâ rights with respect to credit reporting.

What is the Fair Credit Billing Act in simple terms?

The Fair Credit Billing Act (FCBA) is a 1974 law that protects consumers who take on âopen end credit,â like credit cards or charge cards, from unfair billing practices. The FCBA forms the legal basis for todayâs chargeback system.

How do you report a Fair Credit Billing Act violation?

You can report a Fair Credit Billing Act violation by writing a formal letter to your bank or credit reporting agency. You can also file a formal administrative complaint with the Consumer Financial Protection Bureau or the Federal Trade Commission.

Who enforces the Fair Credit Billing Act?

The Consumer Financial Protection Bureau and the Federal Trade Commission, along with state attorneys general, enforce the Fair Credit Billing Act. Under the law, consumers may also bring civil suits against companies whose practices violate the FCBA.

What type of accounts does the Fair Credit Billing Act apply to?

The FCBA applies to âopen endâ consumer credit accounts, such as revolving charge cards and credit cards. However, the law does not apply to debit cards, installment loans, or business credit cards.

Author

David Pirtle

David Pirtle is the VP of Enterprise Engagement at Chargebacks911. Since joining Chargebacks911 in 2014, he has played an integral role in fostering the company's strategic revenue expansion, sales strategy build out, and helping identify merchants’ needs. He is also a valued subject matter expert, whose insights have been featured at payments industry trade events across North America and Europe. David studied Residential Planning at the Art Institute, and worked in the highly regulated medical data transfer field