There are different credit card disputes that we need to consider. Common causes of disputes may include withheld payment, billing errors and unauthorized uses. Lenders are following specific procedures when they are handling credit card disputes. So, if a consumer disputes discrepancy in her bills, lenders will do specific things to make sure that the problem can be fixed immediately. In order to prevent credit card disputes, both sides must take prevention steps. As an example, there should be a protection against an unauthorized use. In the era of phone and the Internet, it is easy for people to get affected by unauthorised usages.
This situation can happen if our credit card is lost and then used without our consent. If it is clearly proven that our credit card is stolen and used by the thief, each country has a rule on the limit of liability that we can pay. In many cases, credit card issuers will simply waive the payment. Once issuers get a report about the unauthorized charges, they make a decision whether the claim is valid. As an example, issuers will investigate by verifying whether the signature on the transactions slips is indeed fake. The locations of the transaction will be examined and credit card issuers will determine whether the product bought is relevant to us or not.
Consumers may also dispute billing errors. This often happens during online sales. The products we order never reach us and our credit card is overcharged. FCBA allows consumers to dispute any improper charges made to their credit cards. Credit card issuers will make an investigation to make sure that it can be performed properly. Consumers are allowed to withhold their payments if they are being subjected to inappropriate charging. According to laws, credit card issuers are required to pay attention to any dispute caused by billing errors. Merchants could also be required to perform chargebacks if the product isn’t delivered. We should be aware that billing errors could also be caused by internal mistakes. This could be caused by typos and mistakes in typing. By law, the credit card company is required to report the result of its investigation and an appropriate action should be taken immediately. All sides should get resolution for this problem, in many cases; this can be performed by cancelling the whole transaction and consumers won’t be charged.
Credit card dispute could happen simply because consumers have stopped paying for the debt. This is also a very common situation and can be caused because consumers no longer have the financial ability to repay their debts. In this case, consumers can be visited by representatives directly, if they are not responsive in phone and email. The failure to repay credit card debt could result in legal implications. Our credit score could also perform poorly due to our insistence to withhold payment, regardless of the reason. In this case, we should settle the problem with a card issuer and make sure that the problem can be fixed.