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Arbitration Opt-Out?

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Anonymous
Not applicable

Arbitration Opt-Out?

 

I read this (below) and was wondering, I found a way with Equifax to do this, but not EX or TU, EX seems to say you are bound to arbitration if you use their service? true?

 

Has anyone used this? and if so have the correct way to do it with EX and or TU?

 

Thank you.

 

"If you recently bought a credit report online from one of the big three credit bureaus, you probably ignored the terms buried at the bottom of the credit bureau's Web page. Many people do.
However, unless you mail an opt-out letter to the credit bureau within 30 to 60 days of receiving the report, you automatically agree to a binding arbitration clause that bars you from airing your dispute in front of a jury and from joining in a class-action lawsuit against the bureau.
Most people do not realize that it is not illegal for a credit bureau to report inaccurate information.
{Edited to remove personal information}
Consumer lawyer
All three major credit bureaus have arbitration agreements in their terms of use. That means if you buy your credit report online and find an error on it, you can still dispute the error. However, if you disagree with how the credit bureau managed the dispute and want to take the bureau to court, the credit bureau can legally press the arbitration clause and force you to give up your right to argue your case before a jury.
That can make it much more difficult to prove your case and win substantial damages if you've been financially wronged, say consumer lawyers."

 

EQ:

" You may opt-out by writing to Equifax Consumer Services LLC, Attn.: Arbitration Opt-Out, P.O. Box 105496, Atlanta, GA 30348. Your written notification to Equifax must include Your name, address, and Equifax User ID, as well as a clear statement that You do not wish to resolve disputes with Equifax through arbitration."

 

 

Message 1 of 6
5 REPLIES 5
RobertEG
Legendary Contributor

Re: Arbitration Opt-Out?

I don't see how an arbitration agreement between two parties would become case law precedent binding parties not involved in the arbitration to loss of otherwise legal rights.

 

I recommend you consult an attorney if you feel an arbitration agreement is being used to deny you of rights.

Message 2 of 6
Anonymous
Not applicable

Re: Arbitration Opt-Out?

I do not want my rights taken away in any respect, from the numbers I saw, out of 50 or so cases, only 4 went the way of the plaintiff with arbitration.

 

So, the fact I have disputed CA's on my records that I KNOW are not mine, and they continue to validate at the CRA, I want all options, not to be bound by their terms they set in the conditions when they send their findings.

 

As I said, I found from EQ how to negate this issue, but not for EX or TU, so I was looking for anyone who had that information.

 

 

Message 3 of 6
Anonymous
Not applicable

Re: Arbitration Opt-Out?

I have been seeing a lot of this over the past couple of years with different places. I believe it is a loophole that big business found to protect themselves from lawsuits, especially class action ones. It seems if you don't agree to hold them free of liability for any wrongdoing they do, you cannot use their service. Then if they violate the law and cause you harm you can only arbitrate to minimize their losses. I have seen things like this with the credit bureau sites as you mentioned and other places I've seen it if I remember correctly is ebay and paypal, probably everywhere in big business anymore. It really sucks that they cannot conduct themselves appropriately and alleviate the need for lawsuits rather than making everyone doing business with them agree to never take them to court. The whole deal doesn't really make sense though if they do violate the law as a violation of the law would or at least should stand over any type of contracts/agreements.

Message 4 of 6
Anonymous
Not applicable

Re: Arbitration Opt-Out?


@Anonymous wrote:

I do not want my rights taken away in any respect, from the numbers I saw, out of 50 or so cases, only 4 went the way of the plaintiff with arbitration.

 

So, the fact I have disputed CA's on my records that I KNOW are not mine, and they continue to validate at the CRA, I want all options, not to be bound by their terms they set in the conditions when they send their findings.

 

As I said, I found from EQ how to negate this issue, but not for EX or TU, so I was looking for anyone who had that information.

 

 



Disputing will almost never get such items removed. You need to use the ID Theft provision, FCRA 605B to get such items removed. Far more effective.

Message 5 of 6
Anonymous
Not applicable

Re: Arbitration Opt-Out?


@Anonymous wrote:

I have been seeing a lot of this over the past couple of years with different places. I believe it is a loophole that big business found to protect themselves from lawsuits, especially class action ones. It seems if you don't agree to hold them free of liability for any wrongdoing they do, you cannot use their service. Then if they violate the law and cause you harm you can only arbitrate to minimize their losses. I have seen things like this with the credit bureau sites as you mentioned and other places I've seen it if I remember correctly is ebay and paypal, probably everywhere in big business anymore. It really sucks that they cannot conduct themselves appropriately and alleviate the need for lawsuits rather than making everyone doing business with them agree to never take them to court. The whole deal doesn't really make sense though if they do violate the law as a violation of the law would or at least should stand over any type of contracts/agreements.


I don't believe such terms of use could be universally enforced. I'm sure any decent lawyer could punch holes in such TOS.

Message 6 of 6
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