Mandatory arbitration should be banned
June 27, 2010 8:40pm CST
Recently, I heard someone talk about mandatory arbitration. I question what that is. It is a procedure to settle a dispute but usually companies, like corporate America has the say to pick whoever arbiter they like. For example, if you read your credit card agreement term, the bank can pick any forum where they pick the arbitrator and set the rules. Under such cases, they usually win %99.00. How is that fair to you. So, I think U.S. supreme court should done something about this matter, to make it fair to our consumers.
• United States
28 Jun 10
Herro kingparker There are some new guidelines regarding credit givers and credit customers. I'm not sure what they all are, however, people discussing customers rights are saying they protect us, as consumers. They p-protect us from excessive over limit fees, late payment fees, etc. I have heard they protect us from interest rates. I'm not sure of all the new protection. As to arbitration, arbitrators are required by law to be impartial. If the evidence points to the company making errors or the evidence points to the consumer. The arbitrator designs a settlement.If someone else has more information, please feel free to post. Prosperous mylotting