Riding MeToo coattails, a new push to limit banks' use of secret courts
. Now, with a more friendly White House, and a Democratic majority in Congress — they’re hoping to push this across the finish line.
Consumer advocates say the practice causes major headaches for consumers, who are unable to remedy harms caused by these institutions — like mistakes on credit reports. Often what happens is that someone has a big error on a credit report, tries to solve it with one of the agencies and hits a roadblock, says David Chami, an attorney who litigates these kinds of cases. The ding on their credit means they could miss out on buying a home, or face higher rates for a mortgage or auto loan.
Because arbitration is more costly and these cases take longer for him to handle, Chami turns away many complaints. "There are often customers who don't get any relief," he says.Whether the push against forced arbitration spreads to more industries or types of complaints. Workers can still be forced into arbitration when they file complaints of racial discrimination, for example.
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