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Federal Laws Offer Protection

Credit card consumers have some rights and protections under federal law if there are billing errors or the card is lost or stolen.

If you find errors on your bill, such as an over charge by a merchant, you have recourse but you must take action immediately. 

If there is an error on your bill notify the card issuer in writing within 60 days of receiving the statement with the error on it. The letter should include the following: 

• Your name 

• Account number 

• The date and amount of the error 

• The type of purchase you made 

• The reason why you believe it is an error

The card issuer will investigate the error and either correct it or explain why the bill is correct. Either way this must take place no more than 90 days after the issuer receives your letter. 
During the investigation period you do not have to pay the amount in question, but you are required to pay the charges that are correctly billed.

If you loose your card or it is stolen you must immediately make a report to the card issuer. Often, if the card is stolen, they will ask you to file a police report and send a copy of the report to them. 

Once a card is reported stolen or lost you bear no further responsibility for unauthorized charges. 

Your maximum liability under federal law is $50 per card.

You should make every effort to maintain control of your cards. Once they are reported stolen or lost they will be cancelled and you will be unable to charge anything on the account until you receive a new credit card, which can take a while.

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