I happened to be browsing the forum and noticed what I believe to be an error in a former post by LizardKing. In the post: http://consumers.creditnet.com/stra...&threadid=21732&highlight=billing+error+fdcpa This post could arguably be somewhat of a definitive starting point on CreditNet for FCBA information. In it, LK mentions that if the creditor doesn't react within the time as provided by the FCBA, that the consumer is only limited to a liability of $50. Reading the FCBA for my own purpose today, I am fairly confident LK's statement is incorrect and the actual interpretation is that the consumer is responsible for anything over and above the first $50 of the liability, if/when the creditor verifies the error. In short, this isn't too threatening, since it only eliminates $50 of the liability upon the creditors tardiness. Would anyone care to dispute that? I would love to be proven wrong in this case! Thanks in advance!
There are two $50 limitations here. 1*Applies to lost or stolen credit cards If you notify the card issuer within so many days there is no liability, however if you notify after this time limit your liability cannot exceed $50. 2*The other $50 limitation concerns billing disputes. If you dispute in a timely manner and the creditor does not follow the prescribed procedures he forfeits the first the first $50 due him even if he is correct on his billing. The END ************************* LB 59
