With the holiday season just around the corner, credit card statements can really start to rack up transactions. What can you do if you notice charges on your credit card that you did not make?
Let’s explore this question.
What the Law Says about Your Rights
The Federal Truth and Lending Act was created to protect credit cardholders from the unauthorized use of a credit card. A cardholder is protected from liability only from the unauthorized use of a card.
Essentially, the unauthorized use of a credit card is defined by the Truth and Lending Act as the use of a card by a person other than the cardholder who does not have permission to use the card. Theft, loss, and fraud cases are unauthorized cases.
Protect Yourself from Fraud
Here are some helpful tips to protect yourself from credit card fraud:
1. Always read your credit card statements carefully and immediately investigate any purchases that you do not recognize. If there is an error on your bill, you must send the creditor written notice within 60 days of the creditor’s transmission of the first statement containing the alleged error. Give the creditor sufficient notice of the disputed bill by identifying your name, account number, and explaining the billing error and your reasons for this belief. The creditor must investigate and verify the disputed statement and send you written acknowledgment within 30 days upon receipt of your letter.
2. Never voluntarily permit the use of your credit card to another person. You will be held responsible for any charges as a result of that use, even if you requested that the person not charge over a certain amount or make charges on it only for specified purposes.
3. Cancel any credit cards that you do not use often.
4. Make a list of your credit card numbers, credit card companies’ names and addresses, and keep this information in a safe place, such as a safety deposit box.
5. Never give out your account number over the telephone or the internet unless you have verified that the company that you are dealing with is reputable.
6. Always save all of your receipts so that you can compare them with your billing statements.
Victim of Credit Card Fraud in Ohio?
Are you already a victim of credit card fraud in Ohio? Talk to our team today and schedule a risk-free consultation to explore your rights. We’re happy to help you.