A credit card statement generated by the issuer is a document with a record of your complete transaction within one billing cycle. However, this document may contain some errors, such as:
- Incorrect personal details
- Inaccurate communication address
- Discrepancy in billing amount
- Calculation errors in the total billing amount
- Unexpected charges on purchases
- Inclusion of paid transactions
These errors can lead to bigger problems, so it is essential to bring them to your credit card provider’s attention as soon as possible and rectify them. Here’s how you can do that.
How to Fix the Errors in Credit Card Statements
If you find any errors in your statement, here are approaches you can take to fix them.
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Contact the Customer Care
Calling customer care is a highly effective method to get a response from your issuer. You can connect with the executive to get a real-time answer. You can easily explain the error in your bill on the call without any delayed confusion.
The customer care executive can fix it immediately if it is a minor error, such as your personal details. Otherwise, they can guide you on approaching this issue to raise a formal complaint for an error in your statement.
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Write an Email to the Issuer
For any major error, the right approach would be to write a letter to your credit card company with all the details of the mistakes in your statement. While writing the mail, you should ensure that you add complete information, including your account number, credit card statement number, and a clear explanation of the errors.
Don’t wait longer than the stipulated time to inform your issuer of this mistake. Emailing is a great option, as it is time-saving and acts as evidence to protect your legal rights. The financial institution’s address and email ID are on their official website.
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Arrange the Proof
Collect all the relevant documents to support your claim, including a copy of your statement. If you are unsure, you can ask customer care for assistance. You can also wait for the issuer’s response to know what documents you need. When providing those details, ensure the communication channel is secure to avoid leaking your account details into the wrong hands.
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Wait for Response
After writing to the issuer, wait for a response as the issuer checks whether this is an error. If they find an error, they will fix it in your statement. If they reject the error, they have to give you a written response as to why it is not an error. After this, you have 10 days to challenge their response.
You will get a response within 30 days of filing the complaint. In most cases, issuers will resolve the issue within 90 days after you’ve received the response. Note that until the issue gets resolved, you do not have to pay the disputed amount.
Ways to Detect Mistakes in Your Credit Card Statement
Here are some practices to spot any errors in your credit card statements.
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Read Your Statement Carefully
Whenever you get your credit card billing statement, you should first read it thoroughly. Carefully skim through your card and personal details to ensure no spelling or information errors.
Once you have done that, move on to the transaction details to ensure there are no unauthorized payments or extra transactions. If you see repetition in your transaction details or if an amount is deducted twice, contact the issuer. Note that you may have to prove that you have not carried out the same transaction twice.
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Cross Check with Previous Statements
Most issuers deliver your statement every month through your registered email account or residential address. This is important for record-keeping and to identify any discrepancies. You can immediately detect errors by cross-verifying the information in your statements from the past few months.
For example, the current statement reflects a transaction from the previous cycle, but you have paid the full amount. Hence, you can provide proof of error using your past statement.
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Verify the Charges on the Website
While credit card issuers always inform you of any change in the terms, conditions, or charges, it is possible that you may have missed the alert. In such cases, you may feel your billing amount is higher than expected. Before raising a complaint, you should cross-verify the current applicable fees and charges on the issuer’s official website.
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