Billing Error
A mistake on a billing statement or invoice. This could include incorrect charges, duplicate charges, or charges for services not provided.
More Details
A billing error is a mistake on a billing statement, such as an incorrect charge or a charge for a service that was not provided. Usually they are a result of a mistake made by the person or organization issuing the bill, or a mistake made by the account holder when providing their payment information.
Example
If you examine your credit card bill and notice that you were charged twice for the same item, this is a billing error. You can rectify this error by calling the credit card company and disputing the duplicate charge.
Related Terms
Deposits
A sum of money that is placed into a financial account for the purpose of securing a product or service.
Residual Interest
The interest that accumulates on a loan or credit card balance when it is not paid off in full from one billing period to the next.
Equity
The value of an asset or liability minus any outstanding debt associated with it. Equity is the ownership interest that a person has in an asset.

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