National Arbitration Foundation Closing After Caught in Fraud
Have you read the fine print on a credit card agreements? Have you seen the part saying that disputes could be decided by arbitration? Most would think that this would be an equitable way of resolving differences through an impartial process that would save both sides money, time and effort. Nothing could be further from the truth. To underscore how serious the problems have been, the Obama Administration is proposing an end to arbitration clauses altogether. In actuality, the The National Arbitration Forum (NAF), which has been the arbitrator of choice by the powerful credit card industry has been working in collusion to overwhelmingly overpower the consumer.
Due to the high level of consumer complaints and lawsuits, the Minnesota Attorney General, was forced to take action and sue NAF for “violating state consumer fraud, deceptive trade practices and false advertising laws by hiding financial ties to collection agencies and credit card companies”. With this heat from the AG combined with mounting legal costs, NAF has decided to withdraw from the arbitration business in which it had decided against the public 94% of the time, which has been revealed in a study by Public Citizen. According to a recent AP article by Personal Finance writer Candice Choi, would only list arbitrators who decided in their favor, paying them $400 or more per hour.
This further reveals that the multi-billion dollar debt collection industry has violated laws, not to mention moral standards, that has resulted in the financial ruin of countless Americans who have been victimized due to their lack of knowledge of money, credit, and law.
CRC urges anyone being harassed by debt collectors to learn the principles of money creation, learn their civil rules of procedure, and become part of the movement to create true financial reform.
If you were forced into arbitration with NAF and received a judgment against you, contact us at CRC to vacate the judgment and take part in a class action suit.
For more detail, see this article at Counterpunch.com.
If you were forced into arbitration with NAF and received a judgment against you, contact us at CRC to vacate the judgment and take part in a class action suit.
If you have received a judgment against you from a NAF arbitration, contact us at CRC to pursue vacating the judgment. Call us at 212-631-5886 and leave your information..
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