I can’t remember an item on my credit card statement. What should I do?

Sometimes a person looks at his or her credit card statement and finds an unfamiliar transaction there. It could be for a significant amount of money or it could be for a small sum. Either way it should not be ignored.

Many people assume if they see an unfamiliar shop or service on their credit card statement that their memory is playing tricks on them. This is not always the case and it could be that an unauthorised transaction has actually been made.

However, some research should be done before this assumption is made. After all, many perfectly respectable merchants don’t put their business name on the credit card statement. This can be for a number of reasons, but often it’s because the business trades under several names for different shops and websites, and the group shares one merchant account. There’s also the situation where there is simply an abbreviation.

Therefore it’s a good idea to look up the questioned transaction’s merchant description on the internet. This will often link in to the company’s brands and shops and may jog the card holder’s memory.

If the card transaction is still unfamiliar, the next step is to contact the credit card provider. They will have more detail on the transaction and can also make enquiries with the vendor.

If the transaction was not an authorised transaction and if it has been reported in time, it’s likely to come under a “zero liability guarantee,” which means the card holder will not be liable for the transaction. Either the shop will refund the purchase or the credit card provider will.

Unless this is a mistake on the shop’s behalf, this may be evidence of credit card fraud. In that event, the card holder will most likely be issued a new credit card, and the account cannot be used for several days until the new card arrives. Also, any regular payments charged to the old credit card, or online merchant accounts linked to it, must be reassigned to the new one.

At this time, it’s also a good idea to examine previous statements for earlier unauthorised transactions. It can often be the case that if one has been found, others come to light once past statements are examined more thoroughly.