Credit card disputes are very common in the commercial sector. From unauthorized charges to lost or stolen credit cards, disputes between customers and vendors happen on a daily basis. For any credit card issuer, it is imperative to provide timely resolution services in these matters. Failure to do so can result in a loss of business on both the client and customer sides. With any credit card dispute, the credit card issuer first accesses all available information. This includes pertinent information from the customer, as well as the vendor in question. After all information is recorded, the credit card company sends the material to their credit investigations department. A credit specialist is then assigned to review the material, while moderating any updates and changes. This is the first step in implementing dispute resolution services for all customers and vendors.
After a detailed review and intricate investigation, the credit card issuer comes to a timely and professional decision. In stolen and lost credit card cases, most customers are exempt from paying the unauthorized charges. Some credit card companies, however, require a $50 payment from customers, even in lost and stolen credit card cases. Customers who feel this is not fair can appeal to the credit card company’s Executive Board, or even contact the Better Business Bureau. Companies who charge this rate, however, mainly utilize it for processing fees, while helping customers remove this negative information from their credit reports. In the event an unauthorized or overage charge is assessed, credit card companies have to determine buyer awareness. This can include surveillance of the customer willfully handing the vendor his or her card, along with time and date of terminal transaction. Once all proof and information is secured, the credit card issuer can make a final and lasting decision.
In most unauthorized charges cases, the customer is usually found in the right. There are times when customers dispute a charge, even though they willingly allowed it. While this seems like an open and shut case, it’s simply not that simple. In addition to actual charges, vendors have to provide accurate and timely services to their customers. Failure to do so can result in overturned charges at the discretion of the credit card issuer. This is a form of assistance that is warranted in several credit card dispute cases. For example: a customer can charge to have his house repainted. If the work is sub-par or inadequate, he has every right to dispute the charge. Depending on consumer protection regulations, along with vendor rights, the decision of the credit card company may waive either way. Still, credit card issuers are dedicated to finding a favorable solution for all parties involved.