excelsior: I have hard copies in my hand from two of three right now. All info matches. As far as arb language, the collection account already got a default judgement two years ago. I don't see what arb can do for me now.
Arbitration, and I really can't stress this enough kids, is the only way to resolve an FCRA issue when the contract language provides for arbitration!
Why? Because the OC didn't want to get dragged into the courtroom and litigate. So they stuck that language in there and a consumer's only recourse then to settle an FCRA dispute is....Arbitration!
Just because there is a judgment doesn't stop future arbitration. The party rages on!
As long as the furnisher keeps reporting the tradeline, they are subject to FCRA. If they break the law, I would arbitrate.
Now, to be fair, I realize that the expense of Arbitrator's fees will inconvenience a furnisher several thousand dollars and that's mighty unfortunate for them---so unfortunate in fact, that a furnisher may even be willing to zero out an entire judgment and delete a tradeline if they faced a credible FCRA arbitration claim.
This strategy is risky for balances that exceed 4k or 5k, but for lower amounts, the business logic becomes clear: the furnisher will pay more to arbitrate an FCRA claim than to forgive the judgment and delete.
Say hello to my little friend: http://www.ftc.gov/os/statutes/031224fcra.pdf