How To Protect Yourself Against Binding Mandatory Arbitration
The best way to avoid the pitfalls of binding mandatory arbitration in consumer transactions is to avoid contracts or services that require it. The pervasiveness of binding mandatory arbitration makes it challenging to avoid, but here are some tips to help you protect your rights in the marketplace.
- Join A Credit Union
- Shop Around For Credit Cards
- Mortgages (Fannie Mae/Freddie Mac)
- Shop For Your Car Dealer
- Try to Negotiate
Join A Credit Union
Most credit unions do not require binding mandatory arbitration in their financial products or services. Click this link to find a bma-free credit union near you:
http://www.creditunion.coop/cu_locator/index.html
Shop Around For Credit Cards
AARP, most credit unions and some small banks do not require binding mandatory arbitration for their credit cards. Consider transferring balances on credit cards with binding mandatory arbitration to bma-free credit cards.
Mortgages
Fannie Mae and Freddie Mac are leading the industry in avoiding binding mandatory arbitration clauses in the mortgages. Obtaining a mortgage through these programs can help you avoid this pitfall.
To learn more about Fannie Mae, click here.
To learn more about Freddie Mac, click here.
Thousands of car dealers do not require binding mandatory arbitration to purchase a car. Call before you visit a showroom to find a bma-free dealer.There are enough other issues to negotiate when purchasing a car – your rights should be non-negotiable.