Asked by Larry Egerton on Jul 21, 2024
Verified
A credit card issuer that fails to comply with the Fair Credit Billing Act forfeits its right to collect $50 of the disputed amount from the cardholder.
Fair Credit Billing Act
A federal law designed to protect consumers from unfair billing practices, offering mechanisms to dispute billing errors.
Credit Card Issuer
The financial institution or company that provides credit cards to consumers, extending credit for their purchases.
Disputed Amount
A specific sum of money that is the subject of a disagreement between parties, often related to billing or contractual obligations.
- Realize the implications of non-compliance with the Fair Credit Billing Act by credit card issuers.
Verified Answer
KD
Kayla DensonJul 28, 2024
Final Answer :
True
Explanation :
A credit card issuer that fails to comply with the Fair Credit Billing Act forfeits its right to collect $50 of the disputed amount from the cardholder.
Learning Objectives
- Realize the implications of non-compliance with the Fair Credit Billing Act by credit card issuers.