Which law protects consumers by allowing for quick correction of mistakes on credit accounts?

The Fair Credit Billing Act is designed specifically to empower consumers by providing a framework for the prompt correction of billing errors on credit accounts. This law allows consumers to dispute charges, request corrections, and ensures that they are not held liable for unauthorized charges or mistakes made by creditors.

Under this act, consumers are required to notify their credit card issuer in writing within a specific time frame upon discovering a billing error. This can include incorrect charges, goods not received, or other discrepancies. Once notified, the creditor must investigate the claim and must respond to the consumer within a given time period, typically 30 to 60 days. This statutory process ensures that consumers can resolve issues effectively and efficiently, promoting fairness and accountability among creditors.

The other laws mentioned serve different purposes: The Fair Debt Collection Practices Act addresses the conduct of third-party debt collectors, the Truth in Lending Law focuses on transparency regarding credit terms and costs, and the Equal Credit Opportunity Act prohibits discrimination in credit lending. While all these laws contribute to consumer protection, the Fair Credit Billing Act is specifically focused on the correction of errors, making it the correct choice in this context.