It is important to check credit billing and electronic fund transfer account statements regularly because these documents may contain mistakes that could damage your credit status or reflect improper charges or transfers. If you find an error or discrepancy, notify the company and dispute the error immediately. The Fair Credit Billing Act (FCBA) and Electronic Fund Transfer Act (EFTA) establish procedures for resolving mistakes on credit billing and electronic fund transfer account statements, including:
charges or electronic fund transfers that you or anyone you have authorized to use your account have not made;
charges or electronic fund transfers that are incorrectly identified or show the wrong date or amount;
math errors;
failure to post payments, credits, or electronic fund transfers properly;
failure to send bills to your current address provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends;
charges or electronic fund transfers for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.
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