Podcast Summary: “How to Dispute Errors on Your Credit Card Bill”

Podcast: Get A Grip On Your Money with Damon Carr
Host: Damon Carr
Date: February 15, 2025
Episode Overview:
Damon Carr, seasoned financial planner, coach, and journalist, guides listeners step-by-step through the process of identifying and disputing errors on credit card statements and credit reports. The episode aims to empower listeners to protect their credit, avoid unnecessary costs, and safeguard financial opportunities. Damon delivers actionable advice, combining expertise from his column and real-world scenarios with a conversational, motivational tone.

Main Theme

• Empowerment Through Credit Vigilance:
  The episode stresses the importance of maintaining good credit as a foundation for financial security and opportunity. Damon shares practical strategies for spotting and resolving errors before they can impact your credit, budget, or peace of mind.

Key Discussion Points & Insights

1. Why Good Credit Matters

• [00:00] Damon opens with:
  “Cash is king, but credit is power. Let's be real. Having good credit makes life easier.”
• Benefits of good credit:
  • Lower interest rates on loans and cards
  • Easier approval for renting apartments, getting car insurance, securing jobs, and even signing up for a phone plan
• Risks of bad credit:
  • Higher premiums, hefty deposits, or outright denials

Notable Quote:

• “Protect your credit like you protect your paycheck. That starts with making sure your credit card statements are accurate.” [01:05]

2. Spotting and Fixing Credit Card Billing Errors

• Types of common billing errors:
  • Duplicate charges, incorrect amounts, or charges for items never received [01:30]
• Importance of acting swiftly:
  • Ignoring errors can mess up both budget and credit score

Step-By-Step Guide to Disputing a Charge

• [02:00] Step 1: Contact the Merchant

  • Call the store, website, or service provider first
  • Be clear, direct, and document the interaction (date, time, who you talked to)
  • Resolution at this level is fastest and often most effective

• [02:40] Step 2: Dispute with Your Credit Card Company

  • If merchant doesn’t resolve, escalate to your card issuer
  • The Fair Credit Billing Act gives you 60 days from your statement date to dispute
  • Process:
    • Call the customer service number on your card
    • Send a written dispute letter with:
      • Your name, account number, amount/date of disputed charge, clear rationale, copies of supporting documents
  • Use the FTC’s sample dispute letter as a guide
  • Always keep copies of correspondence

  Notable Quote:

  • “Send a written dispute letter. This step is critical.” [03:30]

• [04:10] Step 3: Investigation Process

  • Card company must acknowledge your complaint within 30 days
  • Investigation and resolution must happen within 90 days
  • During the investigation, you’re not required to pay the disputed charge, but must pay the rest of your bill
  • Decision provided in writing; if ruled in your favor, the charge is removed; if not, you’re told the next steps (appeal or file with CFPB)

3. Disputing Credit Report Errors

• Importance of accurate credit reports for loans, jobs, insurance, and renting
• How errors cost money by lowering your score [05:20]
• Steps to dispute with credit bureaus (Experian, Equifax, TransUnion):
  • Obtain your report from annualcreditreport.com
  • Dispute errors online, by phone, or by mail:
    • Experian: experian.com/disputes or 1-888-Experian
    • Equifax: equifax.com/personal/disputes or 1-866-349-5191
    • TransUnion: transunion.com/dispute or 1-800-916-8800
  • Include:
    • Detailed explanation of error
    • Copies of supporting documents
    • Full name, address, and account number
  • Credit bureaus must investigate within 30 days and correct any error found valid

Memorable Moment:

• “A credit card billing error is one thing. A mistake on your credit report is a whole other problem. It can lower your score and cost you money.” [05:30]

Notable Quotes & Memorable Moments

• “Cash is king, but credit is power.” [00:00]
• “Fix them fast. Credit card companies make mistakes all the time.” [01:20]
• “Send a written dispute letter. This step is critical.” [03:30]
• “While they investigate, you don't have to pay the disputed charge, but you still have to make minimum payments on the rest of your balance.” [04:20]
• “A credit card billing error is one thing. A mistake on your credit report is a whole other problem. It can lower your score and cost you money.” [05:30]
• “Don't let them slide. Dispute them today.” [06:50]

Important Segment Timestamps

• 00:00 – 01:30: Importance of credit, what good/bad/thin credit mean
• 01:30 – 04:10: How to spot and dispute errors on credit card bills, detailed process
• 04:10 – 05:20: Dispute investigation process, your rights and next steps
• 05:20 – 06:30: How to fix credit report errors, dealing with bureaus
• 06:30 – 07:00: Final tips, empowering call to action

Final Takeaway

Action Plan:

• Regularly review credit card statements and credit reports
• Act immediately when errors are spotted
• Follow up with written communication and keep records
• Use available consumer protection tools (like the Fair Credit Billing Act and credit bureau dispute channels)
• “Keeping your credit clean to open doors, not close them. Mistakes on your credit card, bill or credit report can cost you money, opportunities and peace of mind.” [06:40]

Host’s Closing Note:

• Damon signs off with a reminder to be proactive:
  “Don’t let them slide. Dispute them today. I’m Damon Carr, your money coach and tax pro.”