Which of the following statements is true about consumer liability under the Fair Credit Billing Act?

The statement regarding consumer liability under the Fair Credit Billing Act that is accurate is that consumers are not liable for charges if they reported a change of address. This is relevant because the Fair Credit Billing Act provides protections for consumers against unauthorized transactions, including those that occur due to a failure in recognizing a change of address that has not been updated by the creditor. If a consumer informs their creditor about a change of address and unauthorized charges occur after the update (but before the creditor processed the change), the consumer is not held liable for those charges.

In contrast, the other statements do not accurately reflect the protections afforded by the Fair Credit Billing Act. For instance, consumers generally bear some liability for unauthorized charges, often limited to a certain amount, but they must report those issues promptly. Additionally, if charges are sent to an incorrect address, the consumer's liability may depend on whether they have previously notified the creditor of their change of address and whether any unauthorized activity has occurred as a result of creditor error. Lastly, unauthorized charges must indeed be reported within a certain timeframe to limit liability, which is typically 60 days, not just 30.

Thus, the correct understanding emphasizes the importance of reporting addressing changes to avoid unnecessary liability for fraudulent charges.