Hello All,
In review of 1026.13(f)(1), there has been some questions regarding the extent of explanation required to remain compliant with the CFPB.
(f)If, after conducting a reasonable investigation, a creditor determines that no billing error occurred or that a different billing error occurred from that asserted, the creditor shall within the time limits in paragraph (c)(2) of this section:
(1) Mail or deliver to the consumer an explanation that sets forth the reasons for the creditor's belief that the billing error alleged by the consumer is incorrect in whole or in part;
Specific to claims of fraud, what information have you all seen as being required to provide? The concern I have is providing too much information, allowing the cardholder to file a better false fraud claim in the future. I want to remain as vague as I can, but also ensure we're staying in the good graces of auditors.
Thank you!
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