What Is The FCBA?
This acronym stands for the federal law that protects consumers from unfair billing practices on credit accounts.
What is the Fair Credit Billing Act (FCBA)?
True or False: The FCBA applies to debit cards.
What is False? The FCBA does NOT apply to debit cards.
The FCBA was passed during this decade.
What is the 1970s?
This group of people directly benefits from the FCBA's protections.
Who are consumers who use credit cards?
Under the FCBA, you have this many days to report a billing error to your creditor.
What is 60 days?
The FCBA is this type of law — meaning it applies across the entire United States.
What is a federal law?
The FCBA applies to credit cards and this other type of credit account.
What are revolving credit accounts?
The exact year the FCBA was signed into law.
What is 1974?
This group dislikes the FCBA because it places rules on their business.
Who are credit card companies?
After you file a billing error complaint, creditors must respond within this many days.
What is 30 days?
The FCBA protects people who have this type of account from billing errors and unfair practices.
What is a credit card account?
The FCBA does NOT cover these two types of loans.
What are car loans and mortgages?
The FCBA was passed in 1974 specifically to protect consumers from these problems with their credit accounts.
What are unfair billing practices and errors?
Credit card companies dislike the FCBA because it adds rules and limits their ability to do this with disputed charges.
What is quickly collect disputed charges?
Under the FCBA, creditors must fully resolve a billing dispute within this many days (or 2 billing cycles).
What is 90 days?
The FCBA protects consumers from these two things related to their credit accounts.
What are unfair billing practices and billing errors?
Under the FCBA, your maximum liability for unauthorized charges on your credit card is this dollar amount.
What is $50?
Before the FCBA, consumers had no strong legal protection against this specific type of problem on their credit accounts.
What are billing errors / unfair billing practices?
The FCBA was specifically designed to protect this group of people, who were the victims of unfair credit billing.
Who are credit card consumers/users?
While a billing error is being investigated under the FCBA, you are NOT required to do this.
What is pay the disputed amount?
When you dispute a billing error, the FCBA requires creditors to do this to your claim.
What is investigate the dispute?
These three financial products are NOT covered by the FCBA protections.
What are car loans, mortgages, and debit cards?
The FCBA was created in response to consumers lacking this — the legal power to challenge and correct mistakes on their credit bills.
What is the ability to dispute billing errors on credit accounts?
The FCBA affects two groups in opposite ways: it protects one and restricts the other. Name both groups.
Who are consumers (protected) and credit card companies (restricted)?
Name all three FCBA dispute process timeframes in order: how long you have to report, how long the creditor has to respond, and how long to fully resolve.
What are 60 days to report, 30 days to respond, and 90 days (2 billing cycles) to resolve?