Credit Card Cardholder Disputed Item Statement: Fill & Download for Free

A chargeback is a charge that is returned to a payment card after a customer successfully disputes an item on their account statement or transactions report. A chargeback may occur on debit cards (and the underlying bank account) or on credit cards. Chargebacks can be granted to a cardholder for a variety of reasons.In the U.S. chargeback reversals for debit cards are governed by Regulation E of the Electronic Fund Transfer Act. Chargeback reversal for credit cards are governed by Regulation Z of the Truth in Lending Act.A chargeback can happen for many different reasons:The customer doesn’t recognize the payment on their statement (this could potentially be due to fraud)The goods or services the customer ordered weren’t deliveredThe customer was expecting a refund that hasn’t come through to their accountAn error with the sale. For example: the customer was charged twice for one set of goods; or they were charged the wrong amount; or if they cancelled a subscription plan but were still charged.You or your customer has made an error at the point of sale, such as by using a card that’s expiredChargebacks may also happen because the customer’s bank disputes a transaction, for example:The transaction was not authorized by the cardholder’s bankThe account is closedThe incorrect card details have been processedIn most cases, filing a chargeback requires a lot and people get frustrated in the process, that’s why in my case i allow assetspoor.tech to take charge at a fee below par

Yes, with Credit Cards there is a very real danger of getting in to serious levels of debt, to the point of being Bankrupt. The same goes for a current (cheque book) account with an overdraft limit, however for some reason the latter is more strictly controlled than Credit Cards although actually Credit Cards are the more dangerous in terms of getting out of control. It is more likely you are going to get an increased limit near automatically with a Credit Card if you are near limit, purely so that the card company make more money …..until you go bust !Actually over the course of the last 30 years, the level of personal bankruptcies (usually only seen as a self-employed/sole trader issue) has risen several fold, as a result of the Credit Card approach to lending and increasing lines of Credit to those who clearly can’t afford it! Then cry in their beer when the money has to be written off.However, again in the UK, for those who have the self control and keep their balance stable with no more than two or a worst three lines of Credit (one being an overdraft [which carries a Debit Card], one a “term loan” [payable over a fixed period] , the last being a Credit Card), then a Credit Card has its advantages.In the UK, we have a piece of legislation called “The Consumer Credit Act 1974”; which although hopelessly out of date for to days credit market has some advantages. For you, as the cardholder.Under s.75 of the Act there is a clause that actually was a hangover from a previous piece of legislation relating to car loans, the former Hire Purchase Act 1964, but slightly adjusted. The section deals with disputes and errors by the vendor (person who supplied the goods or service) and the purchaser who made the contract which went wrong but used a Credit Card.There is a little bending of the rules here for the benefit of the Credit Card holder. If the goods or service are defective and the Card holder is unable to get satisfaction of the defective goods or service, as well as using that legislation, they can also invoke s.75. In simple terms it means that because there is an inference that the cardholder purchased the item on your behalf then they became “vendor”.That meant that you could sue both the vendor and the Credit Card Company as“ vendor by proxy”. The idea behind that was it gave the Consumer more “clout” by including the Card Issuer in the action. By placing both Vendor and Card Issuer on notice under the Act that you were going to issues proceeding, very often the Card Issuer will intervene on your behalf. They will usually ask you to “hold off” issuing proceedings while they investigate, asking you for details of the nature of the dispute and where things have gone wrong.If the business that supplied you the goods has gone bust they can find someone who can put the goods right if they need repairing. Equally if it is just straight breach of contract, i.e. failure to supply the goods in the first place then they can either join you in the action, and be “hostile witness”; taking the case out of your hands, and suing on your behalf. In the meantime they will reimburse you while they pursue the supplier for non delivery; or take the loss if the supplier goes bankrupt.So that is one advantage of taking a large purchase out with either a “Term Loan” or Credit Card. The only thing with a Credit Card is if you continue making purchases and paying off the balance slowly eventually the older transaction will “fall of the account” and you will not have the protection. The same goes if you pay the Credit Card Statement in full.Other than that there are no further advantages in a Credit Card other than you do not have to carry lots of cash on you (safer as a Card can be “stopped” but cash can’t); or you do a lot of overseas work in different currencies, again not having to carry a lot of money overall when using lots of currencies.However be very carefuly about taking too many Credit Cards as you can get in to serious debt very quickly; and yes even Credit Managers and Accountants can do it. Equally some people get in to debt through suddenly losing their job through redundancy and now in 2020 the “lock-down” becasue of Corona Virus.Chris R- London

The basic thing here you have to look at is that a statement is an expense to the issuing bank. The lesser the data which is to be put in the statement the lesser is the cost to the bank. This expense works all the way from the - formatting a statement file to be sent to the printer(usually outsourced), bandwidth required to transmit the additional data, web storage of the statement and so on so forth.Gus Fuldner is right in stating that the ISO 8583 is the MLI which is used in transmitting data back and forth between acquirer, the interchange and the issuer. However to add to this or further clarify this ISO 8583 is the online interface which is used at the time when transaction takes place and doesnt need to carry a lot of data except to authenticate the card and the merchant. Subsequently a settlement transaction is sent as a batch from the merchant to acquirer which contains all pertinent information. This is also sent across by the acquirer to the interchange and subsequently to the issuer. Hence issuer has a lot of data about the transaction, but will suppress according to the credit/risk/cost policy when a statement file is created.Having said that some details e.g. tips entered etc usually are not stored or sent. Also too much information on the statement can be confusing to the cardholder. Finally as Fred Landis mentioned there is a risk downside to too much information.If you have a corporate card, then that will provide a lot more details than the usual credit cards, since you require this information to claim. Also the issuer other than corporate card statements sends a lot of MIS to the corporations which is required for their understanding and balancing their books. The information is there and available both at an acquirer and the issuer end, it is simply not sent to both the merchant and the cardholder.It eventually boils down to a cost issue, wherein the issuer will provide just sufficient information that the cardholder can authenticate/recognize the transaction and not dispute.