March 5, 2010
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The Billing Dispute Process for MasterCard and Visa, Pt.2
Difference between Fraud and Billing Errors.As stated in the previous depute article there are several billing issues that can be disputed. The credit card consumer should know the difference between billing dispute errors and fraudulent activity.
Some billing dispute errors are as follows:
<O> A transaction is posted to your statement after it was cancelled
<O> The credit card customer does not recognize the charge and does not do business with the merchant or organizations
<O> The item was returned previous to the posting of the transaction.
<O> When filing a credit card billing dispute it is advisable to keep any supporting documentation such as sales receipts and cancellation notifications. Sending in that information will help the credit card company resolve the issue faster and easier.Other types of billing concerns are when there is fraudulent activity posted on an account. The steps involved are much different than when filing a billing dispute. (Remember, this article is only referring to MasterCard and Visa. Not American Express. American Express is entirely different and does not fall under the MasterCard and Visa card regulations.
Fraud transactions are distinct and separate from regular billing issues and handled differently. Most credit card companies have two separate departments to handle each type of activity. The associates are only trained in their specialized areas. Fraud occurs when the credit card consumer does not recognize the charge or does no business with the merchant or organization.
There are several steps involved before the final resolve of the billing dispute. It can take up to 175 business days for the credit card company to get the dispute resolved.
<o> The credit card company will contact the merchant for their supporting documentation and the merchant has 45 in which to dispute it as well.
<o> The credit card company may decide to issue a provisional or good faith credit to your account while it is being resolved.
<o> The provisional credit will prevent any finance charges from accruing due to this particular dispute.
<o> If the transaction is not resolved in your favor then the credit card company has the right to charge it back after the resolve.Please note that every credit card company that issues MasterCard and Visa Card (not American Express) follow MasterCard /Visa regulations and must stay in compliance with their rules. Merchants that accept MasterCard /Visa also understand and accept the rules set by MasterCard and Visa.