Unlike a query to a search engine that produces links to hundreds of websites, a question to ChatGPT produces an answer. So we decided to see how smart ChatGPT – and two other AI platforms – are about consumer issues.
We asked, “What are five rights that many consumers might not realize they have with their credit card accounts?” Below is the verbatim response from ChatGPT:
“There are several rights that many consumers might not realize they have with their credit card accounts. Here are five examples:
The right to dispute charges: If you believe that a charge on your credit card account is incorrect, you have the right to dispute it with your credit card issuer. You can do this by contacting the issuer and explaining the problem. The issuer is required to investigate the dispute and provide you with a resolution.
The right to a credit limit increase: If you have a good credit history and payment record with your credit card issuer, you have the right to request a credit limit increase. You can do this by contacting the issuer and explaining why you believe you are a good candidate for an increase. The issuer will consider your request and decide whether to grant it.
The right to a low interest rate: If you have good credit and are a loyal customer of your credit card issuer, you may be able to negotiate a lower interest rate on your credit card account. This can be done by contacting the issuer and explaining why you believe you deserve a lower rate.
The right to opt out of over-the-limit fees: Credit card issuers are required to obtain your consent before charging you an over-the-limit fee. You have the right to opt out of this fee by contacting the issuer and requesting that they not charge you this fee.
The right to a fair and accurate credit report: Under the Fair Credit Reporting Act, credit reporting agencies are required to maintain accurate and complete information in your credit report. If you believe that your credit report contains errors, you have the right to dispute those errors and have them corrected."
There are limitations
In a disclaimer, the company acknowledges that some of the information may be inaccurate. It appears it got the response to our question mostly right, though the wording was a little confusing in places.
Chat.GPT has also released a new “playground” – a version of the platform where someone can choose a response written in a specific way, such as “Summarize for a second grader.”
We also submitted the same question to two other platforms. Both answered in bullet point form. Here’s what we got from YouChat:
The right to dispute billing errors and unauthorized charges [1].
The right to receive detailed information about transactions on their account.
The right to opt out of having their account information shared with third parties.
The right to receive a credit limit increase or decrease without penalty.
The right to receive protection from unauthorized charges and fraud through the Fair Credit Billing Act.
Here are the responses we got from Chatsonic:
The right to opt out of certain changes to their accounts.
The right to receive 45 days notice before any interest rate increases.
The right to a 21-day grace period between billing and payment.
The right to dispute any errors on their credit card statement.
The right to be notified if their credit report causes them to be denied credit, insurance or employment.
The downside
Developers note that all three platforms are new and will undoubtedly become more sophisticated over time, which could produce benefits as well as trouble. Already some detractors are pointing out the downside to easily accessible AI.
Check Point Research notes ChatGPT can easily write code and could become an easy way for criminals to make malware and ransomware even more dangerous. Educational institutions are also leery after being shown that the technology could turn out a well-written term paper in about 10 seconds.
Gary Guthrie contributed to this article