Fans of any police drama on TV are quite aware of their Miranda rights: "You have the right to remain silent…etc." When it comes to your credit card, you also have rights. They can be extremely useful in the event of disputed or unauthorized charges.

When the founding fathers wrote the Bill of Rights, they were focused on basic civil liberties. Even the most imaginative of that visionary group could not have envisioned that those rights would someday extend to little pieces of plastic called credit cards.

Consumers should feel fortunate that they do. Rights guaranteed by the Fair Credit Billing Act apply to items like disputed or unauthorized charges, and help protect consumers and their financial well-being. Keep this overview of your credit card rights if the following events should occur:

Disputing billing charges

If you review your credit card statement and discover that you've been overcharged by a merchant, or if you receive defective merchandise, you have the right to dispute the billing charge.

Contact the issuer of the credit card within 60 days of the date you received the statement listing the disputed charge. In your letter, include your name as used on the cardholder account, your account number, and a detailed listing of the specific charge.

Make sure that you photocopy the letter and keep it for your records. You'll also want copies of all supporting documentation. Be sure to use certified mail to assure that the letter has been delivered. Upon receipt of your correspondence, the credit card company has 30 days to review the dispute.

Limited responsibility with unauthorized charges

In this age of identity theft, credit card companies have begun to provide consumers with more protection. If you see unauthorized charges on your credit card statement, notify your credit card company immediately. Then relax-you're only responsible for $50 in unauthorized charges. However, be sure to contact the credit bureaus immediately. Make them aware of the situation and see if any new accounts have been fraudulently opened in your name.

Defense against debtors

If you can't pay your debts, the Fair Debt Collection Practices Act has rules regarding how your debtors may contact you for payment. The days when collection agencies threatened to garnish your wages or throw you in jail are gone. The Act prevents them from making false or misleading statements. They're also not allowed to intimidate you or treat you unfairly.

The founding fathers could not have envisioned a plastic card that would allow you to buy almost anything anywhere. But they would be happy to see that the spirit of the Bill of Rights lives on in legislation that safeguards you against unauthorized charges and billing. With great liberties comes great responsibility, however. It's up to you to keep a close watch over your credit card statements, and to act quickly and decisively if you need to exercise your rights.