Have you ever looked at your credit card bill and seen a charge for something you didn't buy? It doesn't happen very often, but it does, and you need to know what to do. The first thing I'd suggest you do is call the merchant. If the number isn't on the statement, call your credit card company and they'll tell you how to reach the merchant. As an online store that sells coat racks, we sometimes get calls from people who are confused about a charge from us. They ask, "What do you sell?" and when we say coat racks, they say, "Oh, that's right," and the problem is over.
If the merchant doesn't give you a good answer, call your credit card company and explain what happened. The Federal Truth in Lending Act and the Fair Credit Card Purchasing Act, which are also known as the Consumer Protection Act, cover all credit card purchases. The FDIC is in charge of this, and you can find out more at their website, fdic.gov. Credit card disputes should be settled within 90 days. After you call your credit card company, send them a registered letter explaining the same thing you talked about on the phone, and send copies of any supporting documents. If you can, it's best to pay the disputed amount instead of letting it drag on. Not paying can lead to higher interest rates and late fees that may not be taken off when the fees are taken off. When the charges are taken off, a credit will show up on your card the following month. This way, you'll get your money back without being charged extra.
If your credit card company decides that you are still responsible, they will need a copy of your purchase receipt and a copy of your signature. If the store has a copy of your signed receipt, they will know who you are. It can be hard to get your money back, but usually the credit card company will reverse the charges if the merchant doesn't have your signature or if the signature doesn't match.
You can get a free copy of your credit report once a year. It's a good idea to take advantage of this and ask for a copy on the same day every year. If someone is trying to steal your identity, your credit report might show it. Many ID thefts are done so the thief can get a new credit card with their name and address on it. The request for a new credit card will show up on your credit report. If you see any new cards or loans in your name that you didn't open, contact the lender who gave you the loan and get it cancelled and any charges taken care of.
