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Article Source: http://www.articlesbase.com/ – Debt Management – How To Effectively Fix Credit Card Billing Errors

Billing errors on credit card bills happen all the time. Generally, it’s up to the consumer to vigilantly track all expenses and report errors found on their account statement. Here are some common mistakes to watch for:
Items you returned and did not get credit for
Charges for items or services you never received
Charges incurred by an unauthorized party
A charge not clearly identified or lacking information
A simple mathematical error
Failure to generate regular account statements

You have the right to dispute any incorrect or unauthorized charges on your credit card bill. However, you must follow a formal process to lodge your complaint and seek resolution.

The first thing you must do when you identify a billing error, is write a letter explaining the issue. Do not just write on your statement and mail it back to the creditor. Use standard letter format and give your name, account number, your explanation, and the amount involved. Enclose any receipts or supporting documents you may have.

Send the letter to the address designated by your creditor for this purpose. Retain copies of everything for yourself. The credit card company must receive your letter within 60 days after it mailed the bill to you.

When making your next payment, you can withhold the portion in dispute, including finance charges. But you must pay the part of your bill not in dispute.

The creditor must acknowledge receipt of you letter within 30 days, unless the error is corrected in that time. The creditor has two billing cycles or 90 days, whichever is less, to correct the error or explain why it disagrees. If your complaint is is received at least three business days before the payment date, your bank cannot automatically deduct the disputed amount or related finance charge while the dispute is pending.

During the investigation period, the creditor cannot report the disputed amount as delinquent to credit reporting agencies or other creditors. They are also prohibited from either threatening or taking collection action against you for the disputed amount.

The disputed amount can however remain on your monthly billing statements. It can also be applied to your credit limit, decreasing your credit availability. Interest can still accrue on the disputed amount, but the interest must be waived if the dispute is later settled in your favor.

If your dispute is settled and you are not satisfied with the outcome, you have ten days in which to respond to why you still don’t agree to pay. Send a second letter stating your position again. If your account is reported to a credit bureau as delinquent, documentation of your position on the dispute must also be included. The creditor is then required to send you the name and address of each credit bureau and anyone else to which it reported the delinquency.

When the issue is resolved, the creditor must send a notice to everyone to whom it has reported the delinquency. If the creditor fails to comply with any of these measures, it must credit you the disputed amount, plus the interest related to that charge up to ., even if the bill was correct.

It pays to be vigilant in reviewing your credit card statements. Mistakes can occur and you are within your right to dispute inaccurate or unauthorized charges. However, you must play by the rules so your complaint is taken seriously and given speedy consideration. There is no reason to pay more than you owe on a credit card or any other kind of bill.

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Source: http://www.articlesbase.com/debt-consolidation-articles/debt-management-how-to-effectively-fix-credit-card-billing-errors-3034276.html

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Repair Credit Rating – Why it is Important and How to Raise it Effectively

Repair Credit Rating – Why it is Important and How to Raise it Effectively

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Secured lenders have the ability to demand detailed information about your finances and have the freedom to analyze the same to determine whether you can repay a loan or not. However, they also have the option of demanding the asset that is being purchased to be secured against the loan.

If the loan is not repaid, the asset shall belong to the lender because it is the lenders money that has been used to buy the asset. Unsecured lenders too have the option of analyzing the financial statements but they have no security to depend upon. This is the reason why unsecured loans are considered high risk loans.

If you want to qualify for unsecured loans, it is very important to repair credit rating as quickly as possible. If you want to raise your credit rating effectively, you should have focus on the various components and constituents of your score and use it wisely. For example, 65% of your rating is determined on the basis of your debt position and debt repayment pattern.

If you focus on this aspect, you will easily find it possible to improve your score. Of course, if you ignore this aspect, it is going to be very difficult for you to improve your score effectively.

All this is presuming your debt position is not favorable. If you are facing credit rating problems despite having a favorable debt position and if you are forced to repair credit rating, then it is obvious you are ignoring the other 35%. This consists of the number of inquiries made against your report, the debt mix, the duration of the lines of credit and so on.

If you have the habit of closing the lines of credit the moment twelve months pass, you will find it difficult to have a high credit rating. Rather than employing professionals to repair credit rating on a frequent basis, you should complete this process in such a manner that the problem is solved forever.

If you do not have a high rating, you will find it impossible to qualify for affordable loans. In fact, if your rating is too bad, you may very well have to skip the idea of loans all together.

Considering all this, there is no harm in employing a professional to take up the task as long as you are certain of what you are doing. With the help of the internet, you can make sure you deal with the best expert and enjoy the best debt relief.

There are options available to “>repair bad credit and raise your credit score. Something as simple as disputing negative items can help. These items can be erased from your credit report, resulting in a significantly higher rating. Click the following link for more information on how to “> repair bad credit quickly and legally:

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Rose Graham has been involved in the public sector, helping consumers rebuild their financial well being for the better portion of her working life.

Debt Management – How To Effectively Fix Credit Card Billing Errors

Repair Credit Rating – Why it is Important and How to Raise it Effectively

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