and as the third title of the same bill signed into law by President Gerald Ford that also enacted the Equal Credit Opportunity Act.
Its purpose is to protect consumers from unfair billing practices and to provide a mechanism for addressing billing errors in "open end" credit accounts, such as credit card or charge card accounts.
[citation needed] After receiving notice of a dispute, the credit issuer must acknowledge the dispute within thirty days, investigate the claim and, within ninety days, either make appropriate corrections to the account or send a letter to the consumer explaining why the creditor believes there was no error.
If the creditor responds that they believe there was no error, the consumer can request copies of documentation supporting the validity of the disputed items.
[10] A consumer may also file a private lawsuit in any state or federal court with jurisdiction over the parties to recover actual damages, statutory damages of double the erroneous finance charge(s), and his or her costs and attorney fees (if the claim is successful).