Is Credit Wise?/¿Es Prudente el Crédito? ( Publisher's URL )

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Is Credit Wise?/¿Es Prudente el Crédito?
Physical Description:
Fact Sheet
Torres, Nayda I.
Harrison, Mary N.
University of Florida Cooperative Extension Service, Institute of Food and Agriculture Sciences, EDIS
Place of Publication:
Gainesville, Fla.
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Collected for University of Florida's Institutional Repository by the UFIR Self-Submittal tool. Submitted by Melanie Mercer.
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General Note:
"Original publication date February 1, 1994. Revised January 2006."
General Note:
"FCS 7150"

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University of Florida Institutional Repository
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University of Florida
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All rights reserved by the submitter.
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Introduction Having a mistake on your bill can happen to anyone. If it happens to you, you can and should do something about it. The Fair Credit Billing Act gives you the right to have billing mistakes corrected. Mistakes can include: Charges on your bill that you did not make. Charges made by a person not authorized to use your account. Charges billed with the wrong item listed. Charges billed with th e wrong amount listed. Charges for goods or services you did not accept or that were not delivered as agreed. Payments not credited to your account. Mistakes made in arithmetic. Your Responsibility If you think there is a mistake on your bill or you just need more information about your bill, you must do these things: DO NOT WRITE ON THE BILL! On a piece of paper write a letter such as the sample that follows. Give your name, address, and account number. Describe the mistake and why you believe it is a mistake. If you need more information, explain the item you question. You may ask for proof of the ch arge, such as a charge slip. Tell the amount of money you think is wrong. Give any other information that will explain who you are and why you are writing. Send your letter to the address on your bill that is listed after the words: "Send Inquiries to:" Mail it as soon as you can. It must reach the creditor with in 60 days after the bill was mailed to you. Introduccin Cualquier persona puede recibir una factura con errores. Si sto le ocurre, usted puede tomar accin. El Acta de Facturas de Crdito Justo le da el derecho para que errores en su factura sean corregidos. Lo s errores pueden incluir: Cargos en su factura que usted no hizo. Cargos hechos por una persona no autorizada a utilizar su cuenta. Cargos facturados por artculos que usted no adquiri. Cargos facturados por la ca ntidad de dinero incorrecta. Cobros por bienes o servicio s que usted no acept o que no fueron entregados segn acordado. Pagos no acreditados a su cuenta. Errores hechos en los clculos aritmticos. Su Responsabilidad Si usted cree que hay un error en su factura o usted necesita ms informacin sobre su factura, usted tiene que seguir los siguientes pasos: NO ESCRIBA EN LA FACTURA! En una hoja de papel escriba una carta tal como el ejemplo a continuacin. D su nombre, direccin, y nmero de cuenta. Describe el error y por qu usted cree que es un error. Si usted necesita ms informacin, explique su duda. Usted puede pedir prueba del cargo, tal como un recibo del cargo. Indique la cantidad de dinero que usted cree le estn cobrando y no es la cantidad correcta. D cualquier otra informacin que explique quien es usted y por qu usted est escribindoles. Enve su carta a la direccin en su factura que est indicada despus de las palabras: "Enve preguntas a:" Envelo tan pronto como usted pueda. Le tiene que llegar a el acreedor en un plazo de 60 das despus que la factura le fuera enviada por correo. Errors on Your Credit Bill/Errores En Su Factura de Credito FCS 7150 Nayda I. Torres and Mary N. Harrison 1. This document is FCS 7150, one of a series of the Family Y outh and Community Sciences Department, Florida Cooperative Extens ion Service, Institute of Food and Agricultural Sciences, University of Florida. Original publication date February 1, 1994. Revised January 2006. Visit the EDIS Web Site at 2. Nayda I. Torres, Professor, Family and Consumer Economics, and Mary N. Harrison, Professor, C onsumer Education, Department o f Family, Youth and Community Sciences, Cooperative Extension Service, Institute of Food and Agricu ltural Sciences, University of Florida, Gainesville, 32611 The Institute of Food and Agricu ltural Sciences (IFAS) is an Equal Opportunity Institution authorized to provide research, educational information and other services only to individuals and institutions that function with non-discrimination with respect to ra ce, creed, color, religion, age, disabilit y, sex, sexual orientation, marital status, national origin, political opinions or affiliations. U. S. Department of Agriculture, Cooperative Extension Serv ice, University of Florid a, IFAS, Florida A. & M. University Cooperative Extension Program, and Boards of County Commissioners Cooperating. Larry Arrington, Dean.


Sample Letter Your Name Your Address Date Company's Name Company's Address Dear ABC Company: I recently charged an item that cost $40.00 at one of your stores in Anytown, Florida. A copy of the receipt for this item is attached. I kept the original for my records. I have also attached a copy of my billing statement which shows I was billed $140.00 for the item. This is a mistake of $100.00. Also the finance charges should be adjusted to account for the $100.00 mistake. It should be credited to my account, number 987654. As stated in the Fair Credit Billing Act, I will expect to hear from you within 30 days. I have made the minimum payment on the monthly statement as I am required to do under the law, but I have not made any payment for the item in question. I will appreciate your taking care of this matter as soon as possible. Thank you, Your Name Creditors Responsibility When the creditor gets your letter he/she has 30 days to either correct the bill or write a letter telling you the mistake is being looked into. Within the next 60 days (90 days after getting your letter), the creditor must correct the mistake or explain why the bill is correct as sent. If the creditor has made a mistake on your bill, you will not have to pay any finance charges on the amount questioned. During the time the bill is questioned (up to 90 days): The creditor cannot take any action against you to collect the amount in question. The creditor may still send you billing statements for the amount in question. La Carta de Ejemplo Su Nombre Su Direccin La Fecha Nombre de la Compaa Direccin de la Compaa Estimada Compaa ABC: Recientemente cargu un artculo que cost $40.00 en una de sus tiendas en Anytown, Florida. Adjunto le incluyo una copia del recibo. Mantengo el original en mis registros. Tambin incluyo una copia de mi estado de cuentas que indica el cobro por $140.00 por el mismo artculo. Este es un error de $100.00. Tambin los cargos de financiamiento deben ser ajustados para reflejar el error de $100.00. Mi cuenta, nmero 987654 debe de ser acreditada. Segn indicado en el Acta de Facturas de Crdito Justo, yo espero recibir una repuesta de usted en un plazo de 30 das. He hecho el pago mnimo en el estado mensual como lo requiere la ley, pero no he hecho ningn pago por el artculo en cuestin. Apreciar su atencin a esta situacin tan pronto le sea posible. Gracias, Su Nombre Responsabilidad Del Acreedor Cuando el acreedor recibe su carta el/ella tiene 30 das para corregir la factura o escribirle una carta dicindole que el error se es ta investigando. Dentro de los prximos 60 das (90 das despus que obtiene su carta), el acreedor tiene que corregir el error o explicarle por qu la factua est correcta segn enviada. Si el accreedor ha cometido un error en su factura, usted no tendr que pagar ningn cobro de finaciamiento en la cantidad cuestionada. Durante el tiempo que la factura est siendo investigada (hasta 90 das): El acreedor no puede tomar ninguna accin contra usted para recuperar la cantidad en cuestin. El acreedor puede enviarle estados de cuenta indicando la cantidad que se est investigando. Errors on Your Credit Bill/Erro res En Su Factura de Credito 2


The amount in question may be used against your credit limit. For example, if the amount in question is $200 and your credit limit is $500, you will not be able to charge more than $300. The creditor canno t turn your account over to a collection agency to collect the amount in question. He/she cannot threaten to give you a bad credit rating. The amount in question may not be reported to a credit reporting agency or to other creditors as late. He/She cannot sue you for lack of payment. Outcomes If the creditor corrects the pr oblem, you do nothing more. If the creditor tells you that you owe the money as billed: The creditor must allow you no less than 10 days to pay the amount in question. The creditor does not have to do anything more for you. The creditor may begin trying to collect the money even if you still believe you do not owe the money. You may have to pay the finance charges on the amount questioned for the 90-day period. Unhappy with the Solution If you are not happy with the creditor's explanation about why the bill is correct and still believe you do not owe the money, write a letter within 10 days after you get the explanation saying you still think there is a problem. Send the letter to the creditor and a copy to the credit reporting agency. Keep a copy for your files. Even though you are not satisfied at this point: The creditor may report you to credit bureaus and other creditors and can try to collect the amount. The creditor must say that you think you do not owe the money. If the matter is solved later, the creditor must tell anyone who got the report that the matter is solved. Penalties If the Creditor Does Not Follow Directions If the creditor does not follow the proper rules in answering your questions: He/she gives up the right to collect the finance charges up to $50.00. The creditor also gives up the right to collect the amount in question. La cantidad en cuestin puede ser utilizada contra su lmite de crdito. Por ejemplo, si la cantidad en cuestin es $200 y su lmite de crdito es $500, usted no podr cargar ms que $300. El acreedor no puede contratar a una agencia de coleccin para que recuperen la cantidad en cuestin. El/ella no puede amenazarlo con darle una clasificacin de crdito negativo. La cantidad en cuestin no puede ser reportado a agencias que reportan sobre el crdito o a otros acreedores como tarde. El/Ella no puede demadarle por falta de pago. Resultados Si el acreedor corrige el pr oblema, usted no tiene que hacer nada ms. Si el acreedor le dice que usted debe el dinero segn fracturado: El acreedor le tiene que permitir pagar la cantidad en cuestin en por lo menos 10 das. El acreedor no tiene que hacer nada ms por usted. El acreedor puede comenzar intentar a cobrar el dinero an si usted cree que no lo debe. Usted puede tener que pagar los cobros de finaciamiento en la cantidad cuestionada por el perodo de 90 das. Descontento Con La Solucin Si usted no est contento con la explicacin del acreedor acerca de por qu la factura est correcta y usted cree an que no debe el dinero, escriba una carta en un plazo de 10 das despus que usted obtiene la explicacion indicando que usted piensa que an hay un problema. Enve la carta al acreedor y una copia a la agencia que reporta sobre el crdito. Mantenga una copia en su archivo. An cuando usted no est satisfecho en este momento: El acreedor puede reportarlo a la agencia que reporta sobre el crdito y a otro ac reedores y puede intentar recuperar la cantidad. El acreedor tiene que decir que usted piensa que no debe el dinero. Si la situacin se resuelve mas tarde, el acreedor tiene que informarle a todos los que recibieron el reporte que el asunto est resuelto. Las Penalidades Si El Acreedor No Sigue Las Instrucciones Si el acreedor no sigue las re glas adecuadas al responder a sus preguntas: El/Ella pierde el derecho de recibir cobros de financiamiento hasta $50.00. El acreedor tambin pierde el derecho a cobrar la cantidad en cuestin. Errors on Your Credit Bill/Erro res En Su Factura de Credito 3


Also in the Law If you have problems with items or if you get poor service and you paid with a credit card, you can legally withhold payment only if: The items bought were more than $50.00. You have tried to return the items or have given the store owner the chance to correct the problem. Tambin En La Ley Si usted tuviera problemas con los artculos o si usted recibe servicios de baja calidad y usted pag con una tarjeta de crdito, usted puede detener el pago legalmente si: Los artculos comprados costaron ms de $50.00. Usted ha intentado devolver los artculos o le ha dado la oportunidad a el dueo de la tienda a corregir el problema. Errors on Your Credit Bill/Erro res En Su Factura de Credito 4