Advanced English Dialogue for Business – Fair credit billing act

Listen to a Business English Dialogue About Fair credit billing act

Sean: Hey Piper, have you heard about the Fair Credit Billing Act?

Piper: Hi Sean! Yes, it’s a law that protects consumers from unfair billing practices by creditors.

Sean: That’s right, Piper. The act allows consumers to dispute billing errors and provides procedures for resolving disputes with creditors.

Piper: Exactly, Sean. It ensures that consumers have the right to a fair and timely resolution of billing disputes.

Sean: Yes, Piper. The Fair Credit Billing Act covers various types of billing errors, including unauthorized charges and incorrect amounts.

Piper: Right, Sean. Consumers have 60 days to report billing errors to their creditors after receiving the statement.

Sean: That’s correct, Piper. During the investigation process, creditors must acknowledge receipt of the dispute and resolve it within a specified time frame.

Piper: Yes, Sean. If the creditor finds an error, they must correct it and refund any finance charges or late fees incurred due to the error.

Sean: Exactly, Piper. And if the creditor doesn’t resolve the dispute satisfactorily, consumers have the right to file a complaint with the Consumer Financial Protection Bureau.

Piper: Right, Sean. The Fair Credit Billing Act ensures that consumers have recourse if they encounter billing errors or unfair practices.

Sean: Yes, Piper. It’s an essential law that helps protect consumers’ rights and promote fair and transparent billing practices.

Piper: Absolutely, Sean. Being aware of our rights under the Fair Credit Billing Act can empower us to address any billing issues effectively.

Sean: That’s true, Piper. It’s essential to review our credit card statements regularly and report any discrepancies promptly.

Piper: Definitely, Sean. By staying vigilant and informed, we can ensure that our financial transactions are accurate and fair.

Sean: Thanks for the informative discussion, Piper. It’s crucial to understand our rights and protections as consumers.

Piper: You’re welcome, Sean. If you ever have any questions about consumer rights or financial matters, feel free to reach out.

Sean: Thanks, Piper. I appreciate that. Have a great day!

Piper: You too, Sean!