Playbook: Credit Crunch
1 A credit-card company or retailer files a claim with the National Arbitration Forum
2 The creditor notifies the consumer of the claim; 40% of all cases settle
3 Cases that don't settle are assigned to arbitrators, who are lawyers and sometimes former judges
4 Consumers can respond in person or in writing, but for various reasons, the vast majority don't
5 Arbitrators decide whether to make awards, which can include interest and creditors' legal fees

Arbitration Step By Step

Thousands of disputes between creditors and consumers are resolved out of court. Here's how it's supposed to work: