Betty likes to shop using her credit cards. a. What provisions of the Truth-in-Lending Act apply to the use of credit cards? b. If Betty's account at Trevor's Department Store suddenly shows a $200 charge that she did not make and she notifies Trevor's in writing of the error, what must Trevor's do under the Fair Credit Billing Act?
a. The creditor must inform Betty of the cost of the credit stated in terms of the annual percentage rate. In addition to giving the cost of the credit, the creditor must also furnish Betty with information on how the finance charge is computed, when it is charged, what other charges may be imposed and whether a security interest is retained or acquired by the creditor. The company must furnish a statement of account for each billing period.
b. Trevor's must investigate and correct any error that it discovers, or respond in writing to Betty explaining why the charge is justified. Until Trevor's responds to Betty's complaint, it may not take any action to collect the $200 nor may it report the amount as delinquent. Trevor's may not restrict the use of Betty's open-ended credit account because the disputed amount is unpaid.
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