It seems that there's something odd going on with badges. If we take some random user, say 1719, which has one account, and check the user page http://stackexchange.com/users/1719/jelon, then we can see that it says user has 3 bronze badges. Now if we try to retrieve user or badge information for that user via API, we will see 5 (4 bronze, one silver): http://api.stackoverflow.com/1.1/users/1719/badges.
Is it something wrong with API or StackExchange pages are not displayed the information correctly (or maybe applying some default filter, for example time-based)?