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Fair Credit Billing Act
Also known as: FCBA
Definition: This Act, which amends the Truth in Lending Act, requires creditors to furnish prompt written acknowledgment of consumer billing complaints as well as documenting the investigation of said billing errors. The amendment restricts creditors from taking adverse action against an individual’s credit standing until the investigation has been satisfactorily completed. The act also requires that one’s creditors promptly post payments to the consumer’s account, either refunding overpayments or crediting them to the consumer’s account.
Sources: CACG [?]
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