Credit gives the word to pay either by repaying it or returning those resources later. In other words, this credit is the method of making the reciprocity formal, legally enforceable, and of course, extensible to a vast group of people who are not related.
However, the resources provided may be financial or have goods or services, like consumer credit. The credit covers any form of deferred payment. Credit generally gets extended by the creditor, the debtor or lender, and sometimes the borrower.
The Fair Credit Billing Act is a federal law and regulation which helps in safeguarding consumers from any unfair practices in terms of credit billing. The objective of this Act is the provision of safety for consumers in terms of unfair billing practices, which cover credit accounts of an open-ended nature, including charge accounts or credit cards. Some instances of billing issues include charges which have inaccurate amounts or dates, charges of an unauthorized nature, and errors in calculations. Consumers usually get 60 days from the time that they get their credit card bills, for disputing any such charge with the issuer of the card.
The Fair Credit Billing Act ensures that consumers can get protection from billing practices of an unfair nature, covering charge accounts and credit cards. The law is tailored to offer a platform to consumers for disputing any billing errors. The Act is implemented and enforced by the Federal Trade Commission for the safety of consumers.
