Consumer groups reacted with fury to the proposal, which required compromised consumers to agree to forced arbitration – a form of negotiation that consumers rarely win. Yesterday a coalition of 70 consumer, legal and community organizations called Fair Arbitration Now released a statement lambasting the proposal. “Outrageous” is how Public Citizen and the National Consumer Law Center – part of the network – described the “ripoff clause” proposal in a separate press release. Equifax customers may be gratified to learn the consumer backlash apparently led company executives to quickly pledge not to apply its blanket arbitration clause to victims of the enormous security hack. “It’s not so much what Equifax is saying now as what its attorneys may say months from now.

Source: Forbes September 09, 2017 19:07 UTC