No one can deny the importance of credit rating in the life of an individual. Whether it is to borrow a loan from a bank or to get your hands on a new credit card, it is the credit rating which determines all this. Moreover, banks will set credit rating as a base depending on which your rate of interest will be determined. We often underestimate credit card disputes as minor cases of disagreement. But what we don’t know is that your credit rating can take quite a major blow even with one small dispute in your credit card. It is best to solve any such disputes with the credit card issuer as discreetly as possible, in order t avoid any future crisis in your credit rating. We may often have issues with our bank if there have been unauthorized charges or transactions that have been charged without prior permission, thereby appearing finally on the bill, or if goods or services that were promised to be delivered to you were not delivered or were not delivered on time, if a transaction was cancelled by a customer but the same was not replicate by the bank, if there has been miscommunication between the bank and merchant establishment owing to transactions being wrongly charged to the credit card’s users account, and any such discrepancy.
In any such scenario, inform the bank’s 24-hour helpline to report any such discrepancy. You can also send them any e-mail, or write a letter to the bank to report about the same. Inform the bank immediately of any such discrepant transactions. Alternatively, you can also fill the customer dispute form that is usually uploaded on the bank’s website. Remember to be prompt while reporting such transactions as confirmation of disputes need to reach the bank within a period of 60 days. Once this has been done, your grievance redressal details will be updated immediately on the card or on the bank’s website. You can then write your complaint to the nodal officer of the bank. All relevant contact details of nodal officers will be found on the website of the bank or in your monthly credit card statements. Sometimes, you can also get access to this information in ATMs or in any of the bank’s branches. After every transaction with your credit card, it is best to preserve the charge slip for a future use as it can come handy as evidence during a dispute. Once the bank has received and processed your complaint, you will get a complaint number or reference number for the complaint from the bank. Most of the times, these issues are resolved by the bank. But if this does not happen, then the bank may issue arbitrary proceedings against the merchant bank, crediting the disputed amount to the customer’s account.
If you have been the victim of any fraudulent transaction involving your credit card, such as unauthorized swiping of your credit card when it is in your possession, theft of information from the magnetic stripe of your credit card, or unauthorized use of your credit card even when it is under your possession, then all this must be reported to the bank immediately. Furnish all relevant details to the bank and register a complaint, along with a customer dispute form to the bank. The bank will then begin the due investigation, and depending on the type and size of crime committed, it will ask the merchant bank to submit copies of all supporting documents. It can also raise a charge back if the situation so demands. Banks usually take a period of 30-45 days to resolve a dispute. If the dispute has not been resolved within the said period, then arbitrary proceedings will be initiated by the bank against the merchant establishment, and the customer’s account may be credited with the due amount in dispute.
In order to find out any erroneous transactions, it is advisable to store your transaction slips as they can be verified against your monthly credit card statement. On finding any such transaction, inform your bank and block your credit card immediately. Provide full support and cooperation to your bank from your end by submitting all relevant information. This will help conduct the proceedings in a fair and speedy manner. Such a transaction that is disputed will not be charged from your account until the proceedings come to an end. Ensure that the matter has been completely resolved to avoid any faulty reflections on your CIR that may hamper your credit score.