A credit card dispute is when you have an issue with your credit card bill and contact your credit card company to help you with the problem. To do this, you must have your credit card provider take a look at the issue with the business that has charged you wrongly. Read below for more information on what to do when you find yourself in this situation.
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What’s a Credit Card Dispute?
When you have a dispute, it does not necessarily mean that you and a business are fighting. Typically, this is a civilized and legal term that shows that you disagree with a fee that has been placed on your card bill. Plus, it can also be known as a chargeback as well. There are rules and regulations that’s connected with the Truth in Lending Act and Fair Credit Billing Act to handle the dispute.
Normally, financial institutes will take a dispute seriously and thoroughly go over all the information given. They will let you know in writing about 30 days after you’ve filed the dispute. Then, you and the business you have an issue with must solve this chargeback in about 90 days.
Credit Card Disputes 101
Once you’ve filed a credit card chargeback with your company, they will help you fix the problem. Your card provider will take off or hold the balance that might not be correct. Then, the provider will send a written statement of why it’s being withheld. After this is done, the business in question will get the chance to go over your disagreement and make their decision. However, the business must give evidence that the fee is accurate by providing a signed card slip or show proof of purchase.
If the business does not provide any evidence of you making the transaction, they will lose in the dispute you’ve filed against them. Once the time frame to respond to the complaint has ended, your credit card provider will go over all of the files that are involved in this chargeback. If you win the dispute, the fees or other funds will be taken off of your credit card bill. Unfortunately, if you lose you will have to pay for the charge that has been included in your bill.
How to File a Chargeback
You can file a dispute for your credit card by communicating with the business that wrongly charged you. However, if it does not work, then you can reach out to your credit card company and make a dispute. Then, the card provider will need you to give them specific information about the transaction to know what they’re looking for. Next, you must tell them why you want to file a dispute and show any form of proof you have to work in your favor.
After, the card provider will send you a written acknowledgement in about 30 days after you’ve filed for the credit card dispute. Following all of these procedures will help the process go by a little faster. Don’t worry, all of your consumer rights will be protected legally. Once the chargeback is handled, you won’t have to worry about paying additional fees or damaging your credit score. Losing the dispute will result to the creditor providing evidence as to why you lost. In other words, be sure that when you file for a dispute your claim is correct and that you have proof showing the transaction is wrong.
Conclusion
No one likes to be charged wrongly on their credit card bills. If contacting the business about the problem does not work, filing a credit card dispute is a great option. You can legally fight to have the charge removed from your card bill. There are many reasons to file a chargeback such as: being charged for something you didn’t purchase, being charged more than once, etc.
When making a dispute, be sure that all of your information is accurate and that you have solid evidence to prove your case. If you win the dispute, you will not have to pay for the charges on your bill. However, if you end up losing the chargeback, you will have to take responsibility and pay for what’s been charged on your account.
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