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18.CCS
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1992-12-25
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UNAUTHORIZED USE OF YOUR CREDIT CARDS:
Your rights and liabilities
What is unauthorized use of a credit card? Many believe that
unauthorized use can only occur when a card is lost or
stolen; this is not true. Let's say you open a credit card
account and you order a second card for your spouse. The
following year you and your spouse separate. Because your
spouse still has the card, you immediately inform the credit
card issuer that your spouse is no longer an ■authorized
user■ on your account. Are you liable for charges made by
your spouse to the account?
THE ANSWER IS NO! Once you tell the credit issuer that a
user is not authorized, you are no longer liable for any
charges accepted by the credit card issuer.
In short, unauthorized use occurs when someone uses your
account without your permission. But, let's say you gave
your daughter your credit card and told her to ■go to the
mall and buy new clothes for the coming school year.■ You
tell her not to spend over $400. When she returns, she
sheepishly tells you she spent $550 on clothes. Are you
liable for the $150?
THE ANSWER IS YES! Your daughter used your card with your
permission. It is not the credit card company's fault that
your daughter lacks self control.
In short, if you believe your card is being, or may be used
against your wishes, call your credit card issuer and report
that the card may be subject to unauthorized use. In the
end, it's your best protection. You should keep this number
handy (preferably not with your credit card ), as well as a
list of the account numbers for each card.
* * End of UNAUTHORIZED USE OF YOUR CREDIT CARDS * *