reply to jc100
Re: There's a reason it takes 7 minutes or less
said by jc100:But it's not 100%, it's 95%. That would mean that 5% of the people actually won. My guess is this particular arbitrator spent the entire day looking at cases against one particular credit card company, with all of the complaints claiming the same thing. Have you seen some of the crap credit card companies put in their fine print? Just how many people do you think get screwed by the "make 1 payment 1 day late and your interest rate goes from 8% to 29%" clause? How many of them do you think file for arbitration, and how many of those claims get denied? Well, 95% of them.
While that might be true fifty percent of the time, I highly doubt EVERY PERSON in EVERY CASE is ill prepared. We all know how it works. ATT and Verizon want arbitration with a company they cherry picked to mostly rule in their favor. Seriously, give me a break. I don't k now any company that's 100 percent right and any person that's always 100 percent wrong. I could understand if it was skewed towards the company, but not this bad.
All I'm saying is that credit card companies have legal departments that go over what they can and cannot do, and unless you find yourself in the odd situation where they haven't followed their own fine print, however ridiculous the fine print terms may be, you are going to lose in arbitration. (and in court, unless you can show the clause violates the law) So with that in mind, 95% sounds about right.
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5 percent of people winning is a very low number. I highly doubt all the cases were that cut and dry on the same issues. It seems to be that it is very well skewed. In the business world, 95 percent is a very high number. I hate to burst your bubble but, that's too high. I am sure more than 5 percent of customers had complaints that varied. Are you seriously trying to tell me that most customers had the same complaints, so they were all dismissed at once? I find that hard to believe. I don't think this service is well balanced. My opinion.