Jeff's Blog

Lawsuit filed against the National Arbitration Forum - if you own a credit card this is life-changing!

Everyone I know owns a credit card.  However, I do not think that everyone who owns a credit card is aware of what is really found deep in its fine print of the consumer agreement.  Would you be surprised to find out that you may have forfeited your right to have a credit card dispute resolved by a judge or jury?  Would you be surprised to find out that many agreements often require that disputes are resolved exclusively through a private system of binding arbitration, frequently through the National Arbitration Forum?

 

How about this one:

Did you know that this Forum is represented to the public, courts and consumers that it is an independent, and impartial court system and is not affiliated with any party.  However, this may not really be the case.  I’m sure that you are not aware that this Forum works alongside creditors and behind the scenes AGAINST the interest of consumers.

Here’s just one more quick one for you:

I guarantee that you were not privy to the fact that the Forum is financially affiliated with a New York hedge fund group that actually owns one of country’s major debt collection enterprises!!

Luckily the Attorney General of Minnesota filed a lawsuit, the first one of its kind, against the National Arbitration Forum.  This may be the beginning of the end to credit card companies sneaky little tricks and hidden agendas in their consumer agreements.  If you own a credit card, we urge you to read this complaint, it could be life-changing to some consumers.

 

 

Jeff Suher, Pittsburgh Consumer Attorney who specializes in the Fair Debt Collection Practices Act and the Fair Credit Reporting Act. 

Jeff sues abusive debt collectors and helps consumers that have incorrect information on their credit reports.