About Arbitration

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Mandatory Binding Arbitration

Mandatory binding arbitration is a contract clause commonly added by credit card issuers. It eliminates the cardholder’s, and the credit card issuer’s right to sue, and instead, forces the parties to settle disputes in an arbitration forum such as: (JAMS), or American Arbitration Association (AAA).

Are You Covered by Arbitration?

You are most likely covered by a binding mandatory arbitration provision if you hold a credit card issued by a major bank. The major exception to this rule is AARP member affinity cards, issued by Chase, which do not include an arbitration provision. Some credit cards issued by credit unions and community banks also don’t force consumers to arbitrate.

To find out if you are covered by an arbitration clause, find out when the alleged account was opened and when the account defaulted. You can do this by getting a copy of your credit report and look for the listing of the alleged account. With most cardmember agreements having a survivability clause, you can actually use any agreement that is most beneficial to you during the time that the account was open, and then you can scan through the various agreements on our site during those years, and find the one that best suits your needs, which would definitely be one with (JAMS).

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