June 3, 2009
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News: Disputing a CC Charge
A recent experience with a major big box retailer left me feeling frustrated and helpless. After receiving no satisfaction from the store manager, my frustration grew to anger. I was totally taken back at how easily the store had accepted my business and yet was not willing to stand behind their service. I called my credit card company and ask if there was anything I could do. They were very helpful and in the end, they resolved my problem. If you believe you have been doped by a merchant or you discover an error on your account statement, you too can dispute the claim with your credit card company. It's an easy process that requires a simple, organized, and record keeping process. Begin by recording what the charge is and why you believe it is in error. If you are disputing a service or product that is unsatisfactory, gather your thoughts on what they promised and what they delivered. Speak to the store manager and try to resolve the situation in a mature and calm manner. If you receive no satisfaction, call your credit card company.
When you contact the bank, they will record the information on the disputed charge and instruct you on how to handle payment of your bill. Typically, consumers do not make any payment toward the principle and interest of the disputed charge during the process. Many credit card companies provide consumers with access to charge dispute forms online. If you are not able to download and print the forms, the bank will mail them to you. They will also give you instructions on filing out the charge dispute forms, where and how to forward them to the bank, all documentation required, and the return deadline date. It's vital that you follow these directions to the letter. The Fair Credit Billing Act (FCBA) specifies that you must dispute credit card charges within 60 days in writing. Don't let the time slip away.
Lenders are typically very efficient in resolving disputes. Your thorough and organized documentation will help speed up the process. Additionally, it is best to become familiar with the FCBA rules so that you have a clear understanding of the boundaries of protection. If the dispute is disallowed by the credit card company, you have the options of filing a complaint with the Federal Trade Commission or filing a personal lawsuit.