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Long Island, New York (PRWEB) December 20, 2011

Credit card billing disputes are the most common national consumer complaint, according to a consumer response report published in November 2011 by the Consumer Financial Protection Bureau, which is a U.S. governmental agency that enforces federal consumer financial laws.

The Consumer Financial Protection Bureau (CFPB) collected various credit card-related complaints from consumers over a three-month period and analyzed and how they were handled by credit card companies. The CFPB provided the report to law enforcement authorities in order to make markets more effective for consumers and to protect the nations consumers from unfair or deceptive practices.

Consumers who currently have billing disputes with credit card providers can seek a remedy for their dispute under the national Fair Credit Billing Act. This Act, which is part of the Truth in Lending Act, allows consumers to dispute with a credit card company various types of billing errors.

According to Andrew M. Doktofsky, a billing dispute lawyer in Long Island, The Fair Credit Billing Act provides a remedy for consumers who have disputes associated with open-end credit, including credit card companies. The FCBA covers a variety of consumer billing disputes. Once an individual gives the creditor timely notice of a billing error, the creditor is not permitted to take any action to collect the disputed amount from the consumer, until the creditor conducts a reasonable investigation of the billing error. Further, the creditor cannot report the consumer as delinquent, or threaten the consumers credit rating, pending resolution of the disputed amount.

A consumer may dispute any of the following types of credit card billing errors:

????Unauthorized charges,
????Incorrect billing statement amounts,
????Payments or credits not posted to the account,
????Charges not identifiable from the information provided,
????Charges for goods or services not accepted by the consumer,
????Charges for goods or services not delivered or accepted as agreed,
????Charges listing the wrong charge amount,
????Math or computation errors on the billing statement, and
????Bills sent to an incorrect address.

If the creditor fails to comply with the FCBA, the consumer may sue the creditor under the Fair Credit Billing Act to recover actual damages, statutory damages and attorneys fees and costs. The statutory damages awarded are twice the finance charge, with a minimum of $ 500 and a maximum of $ 5,000.

The CFPB will provide another avenue for consumers to seek protections against unlawful, deceptive, abusive or unfair creditor practices. The agency aims to send consumer complaints to the credit provider or credit card company complained about, and permit the lender to address the complaint with the CFPB within 15 days and explain what they are doing to resolve the issue.

Long Island unlawful creditor practice attorney Andrew M. Doktofsky stated, Unfortunately, many creditor complaints have not been responded to and have been ignored in the past, which is a predominant reason why so many consumers rank billing disputes as their top complaint. Previously, consumers have been required to pursue legal action in order to achieve any type of resolution. Hopefully, the CFPB will begin to regulate creditors and unlawful creditor practices in order to reduce unnecessary litigation.

Other consumer complaints ranking near the top of the report included interest rate issues, fraudulent charges and financial scams. The CFPB has also recently started to take complaints regarding home mortgages and other home loans in an effort to reduce the number of consumer complaints in this lending area. Congress gave the CFPB the ability to overhaul and oversee credit card companies, mortgage lenders, student loan lenders and other financial products in 2010.

Andrew M. Doktofsky is a Long Island consumer lawyer and represents clients throughout Suffolk County and Nassau County, New York, including the areas of Deer Park, Hempstead, Freeport, Long Beach, Glen Cove, Brentwood, Islip, Babylon, Huntington and Commack.

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by brizzle born and bred

How would you avoid falling prey to scam credit repair companies?

Article by Justin scott

With numerous credit repair companies mushrooming all over, it may be difficult for you to differentiate the scams from the legal ones. Your credit score might demand that you get them rectified immediately but that should not mean that you resort to illegal means. Promises made by scam companies may seem extremely tempting especially when you have a disastrous credit report. However, the tried and tested ways, though time consuming, is the best approach to repairing your credit.

What are the signs of a scam credit repair company?

Of course there are signs, but it is for you to understand. When you are in deep trouble with your debt and credit report, and you come across a company that makes promises that sound too good to be true, beware! With the condition you are in, you might easily fall prey to the false promises made by such companies and lose out on a lot of money without even being helped by them.

Here are few signs to watch out for a scam company. A credit repair company is a scam if:

1) It asks you to pay up for their services even before you have received any service. According to the Credit Repair Organization Act, you cannot be asked by any credit repair company to pay until they have successfully provided you their services as promised.

2) The company insists that you should not contact any of the credit reporting companies directly.

3) They advise that you should dispute all the debts on your report irrespective of whether they are valid or not.

4) They do not let you know what rights you have as a debtor and what you can do to help yourself for free.

5) They tell you that you can get rid of all or most of the negative information on your report even if the information is current and valid and hence repair credit.

6) They advise that you create a new credit identity, a new credit report by applying for a Federal Employer Identification Number (FEIN) and use it instead of your Social Security Number.

What would be the impact of following advice from a scam company?

If a credit repair company advises on how you can hide your true credit history is a violation of the Federal Credit Repair Organization Act. If you consciously follow illegal advice you could be charged and prosecuted for committing fraud.

What are the signs of a legitimate credit repair company?

Legitimate companies, first of all, do not make promises to repair credit that sound too good to be true. The next time you go company hunting keep this in mind. Here is how a legitimate company works.

1) They do not make false promises and will help remove only inaccurate information from your credit report.

2) Some companies might follow the State mandated ‘right of rescission’ periods where they allow a breather to you and do not charge you until the period gets over.

3) They offer comprehensive consulting on how you can become a better consumer and reduce your debts.

4) They are upfront about the fees that they charge and some companies may also provide an option to ‘cancel at any time’.

5) They have good relationships with creditors as well as the credit bureaus.

6) They will let you know that the process of credit repair can take from 3 -6 months and may even last 1 year.

7) They will tell you for free what are the things you, as a debtor, can do to help yourself in repairing your credit.

They will not be on the FTC watch list or even on their database of scam companies.

It is understandable how tempting it is to believe the false promises that the scam companies make, but it is also up to you to restrain yourself and act legally. It can be a little time consuming but, nevertheless, it is the best approach you can have in such a case. Wary consumers must realize that there can be serious implications if they commit fraud.

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