« Growing Your Business Online | Main | Watch Your Budget - Christmas is Coming »
November 24, 2006
Fair Credit Billing Act
Recently this email came in from a visitor. It's not the credit card offer that's the issue, what bothers me is the error on a credit bureau report.
Read this and then see my comments below:
Hello I am looking for a good credit cards offer. Can you help? Credit Situation - I would consider my credit as fair/good. FICO is probably about 660. I have had credit for about 9 years, both installment and credit cards. I have never had a late until about 2 months ago when due to a wrong posting, Capital One shows me as a 1X30. I couldn't get them to contact the bureaus and take it off. Of the 6 credit cards I have 4 have a balance. 3 are about at 80%. The other at 50%. The other two have no balances. 4 of the 6 have limited of over $3000. I am looking for a card that has a 0% for the first 12 months on purchases and balance transfers. Also my wife just opened a small business and would like to get a personal or business card. All loans and credit cards have been in my name only except for one car loan. I am sure some may not like the recent late that show up even if I have no other lates. Let me know a couple good card options for both scenario's.
When a payment that was made is not credited to your account and a late payment is reported to the credit bureaus here is what you must do to correct the error:
Send in writing within 60 days to the address for billing enquiries that appears on your credit card statement making note of the error. You should send your letter via registered mail so that you have proof the bank received your letter.
From the FTC website, here is a sample letter that you should write to your creditor:
Date Your Name Your Address Your City, State, Zip Code Your Account Number
Name of Creditor
Billing Inquiries
Address
City, State, Zip Code
Dear Sir or Madam:I am writing to dispute a billing error in the amount of $______on my account. The amount is inaccurate because (describe the problem). I am requesting that the error be corrected, that any finance and other charges related to the disputed amount be credited as well, and that I receive an accurate statement.
Enclosed are copies of (use this sentence to describe any enclosed information, such as sales slips, payment records) supporting my position. Please investigate this matter and correct the billing error as soon as possible.
Sincerely,
Your name
Enclosures: (List what you are enclosing.)
Visit the FTC website for more information on the Fair Credit Billiing Act (FCBA).
Trackback Pings
TrackBack URL for this entry:
http://www.crediteria.com/cgi-bin/mt/mt-t.cgi/142