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Fair Credit Billing Act: A Case Study

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f the credit card company sues Lori, Lori may win. The Consumer Financial Protection Bureau reports, if you have not reported your credit card missing, the most you will have to pay is $50.00. Had Lori reported the card missing, she would not have had to pay anything at all.

The Federal Trade Commission (FTC), a federal agency designed to protect consumers and promote competition, created September 26, 1914, gives information on disputing credit card charges. The Fair Credit Billing Act (FCBA) enacted October 28, 1974, applies to revolving credit cards, that requires monthly payments or “open credit”, is an amendment to the Truth in Lending Act of 1968, sometimes referred to as Regulation Z, monitored by the Federal Reserve Board. §

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