Truth in Lending Act: [Essay Example], 456 words GradesFixer

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Truth in Lending Act

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Reg-z allows end users to dispute any fee or charges applied on their credit card statement. End user must inform FI about billing error in writing to have FI act on it. Notice provided to FI about billing dispute must:

  • Be in written form,
  • Have information for FI to identify user name and account number,
  • Have statement from user giving reason as to why there is a billing error,
  • including the type, date, and amount of the error, and
  • sending the notice in a timely manner so that FI receives it, at the address specified for billing inquiries, no later than 60 days after FI sent the first billing statement reflecting the error.

Once user has provided proper notice to the FI about an error on credit statement, FI must acknowledge that it received this notification within 30 days, unless the problem has been resolved. The FI must investigate and resolve the issue within two complete billing cycles (but in no event later than 90 days) after receiving the billing error notice.

While FI conducts its investigation into the billing error:

  • User may withhold payment of the disputed amount and related charges (but any part of the bill not in question, including finance charges on undisputed amounts must be paid in accordance with account terms).
  • FI may not take legal or collection action on the disputed amount.
  • FI may not report said user account as delinquent, accelerate user debt, restrict user account, or close user account.

If FI confirms there is a billing error on disputed account, it must send user a written explanation of the corrections made to said account. In addition to crediting user account for the disputed amount, FI must also remove all finance charges, late fees, or other charges related to the error. If the investigation reveals no error occurred, it must send user a written explanation of the amount user owes, and user is responsible for paying the disputed amount, plus any finance charges that accumulated during the investigation.

Disputing FI Investigation

User may request copies of relevant documents used in the FI’s investigation. If cardholder disagrees with the results of the investigation, he/she may write to the FI within 10 days after receiving the explanation, and he/she may indicate refusal to pay the disputed amount. The FI may begin collection procedures and may report disputed account as delinquent to credit reporting agencies, but it must also note that cardholder disagrees with the amount owed.

Cardholder Liability

In addition to the consumer protections associated with billing errors, Regulation Z also contains special credit card provisions that limit cardholder liability for unauthorized use of a credit card. A credit card holder’s liability is limited to $50 for unauthorized use before the cardholder notifies the card issuer. Notification may be given in person, by telephone, or in writing.

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GradesFixer. (2019, January, 03) Truth in Lending Act. Retrived January 28, 2020, from
"Truth in Lending Act." GradesFixer, 03 Jan. 2019, Accessed 28 January 2020.
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GradesFixer. Truth in Lending Act. [Internet]. January 2019. [Accessed January 28, 2020]. Available from:

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