What is Arbitration?

Question

I got a letter in the mail that says "X Credit Management vs ME", "The claimant requested that the arbitration in the above referenced matter be dismissed against the respondent(s), in accordance with Rule 9.D of the code."

What does this mean? I don't know this credit management place or why I got this. Can anyone help?

If I never heard of this place that sent me this letter, what can I do about it? I just looked up my credit report & they are listed on there that I owe them money!

Answer 1

Arbitration is a method of alternative dispute resolution, which is an alternative to handling the dispute through the court system.

Many contracts contain provisions that require either party to a dispute arising from the contract to use binding arbitration. This means that neither party can, without the other party's agreement, sue in a civil court.

The contract may specify what rules are to be used and whether the arbitration is to be handled before an organization like the American Arbitration Association. If the agreement does not specify this, then the laws of the state where the contract was entered into will usually govern.

Somewhere on the document you received it should indicate what organization is handling the arbitration. You should contact that organization for further information, and you should also probably contact an attorney.

If you do nothing, then it is possible that a judgment may be entered against you, without you having a chance to defend against the claim.

Hope this helps.

Answer 2

Arbitration is a final and binding dispute resolution process. In practice arbitration is generally used as a substitute for judicial systems, particularly when the judicial processes are viewed as to slow, expensive or biased. Arbitration is also used by communities which lack formal law, as a substitute for formal law.

Arbitration, in the context of United States law, is a form of alternative dispute resolution — specifically, a legal alternative to litigation whereby the parties to a dispute agree to submit their respective positions (through agreement or hearing) to a neutral third party (the arbitrator(s) or arbiter(s)) for resolution.

Arbitration may also serve a distinct purpose: as an alternative to strikes and lockouts as a means of resolving labor disputes. Labor arbitration comes in two varieties: interest arbitration, which provides a method for resolving disputes about the terms to be included in a new contract when the parties are unable to agree, and grievance arbitration, which provides a method for resolving disputes over the interpretation and application of a collective bargaining agreement.

My best recommendation is to contact the credit management company this letter was sent from, and ask them.

Answer 3

Arbitration is a final and binding dispute resolution process. In practice arbitration is generally used as a substitute for judicial systems, particularly when the judicial processes are viewed as to slow, expensive or biased. Arbitration is also used by communities which lack formal law, as a substitute for formal law.

Answer 4

Arbitration - the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labour and management)

Answer 5

Main Entry:arbitration
Date:15th century

: the action of arbitrating; especially : the hearing and determination of a case in controversy by an arbiter
–arbitrational \-sh(*-)n*l\ adjective

Answer 6

Definitions of arbitration on the Web:

(law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)
the act of deciding as an arbiter; giving authoritative judgment; "they submitted their disagreement to arbitration"
wordnet.princeton.edu/perl/webwn

Arbitration, in the context of law, is a form of alternative dispute resolution — specifically, a legal alternative to litigation whereby the parties to a dispute agree to submit their respective positions (through agreement or hearing) to a neutral third party (the arbitrator(s) or arbiter(s)) for resolution.
en.wikipedia.org/wiki/Arbitration

Any controversy or claim arising out of or relating to these Terms of Use of this Site shall be settled by binding arbitration in accordance with the commercial arbitration rules of the American Arbitration Association. Any such controversy or claim shall be arbitrated on an individual basis, and shall not be consolidated in any arbitration with any claim or controversy of any other party. ...
www.atcc.org/includes/TermsUse.cfm

A form of alternative dispute resolution where an unbiased person or panel renders an opinion as to reponsibility for or extent of a loss.
www.einsure.com/glossary/

A dispute resolution process that is binding: disputing parties agree in advance to be bound by the arbitrator's decision. The arbitrator acts as a private judge in a closed and private court. The arbitrator's final decision is based on the evidence and testimony of all parties provided at a hearing convened by the arbitrator. For information about IDA's arbitration process, click here.
www.cfson-crcsf.ca/en/glossary/

A dispute resolution process in which the parties (and/or their attorneys) present their cases to a decision maker, called the arbitrator, who renders a decision in the case, which is not appealable.
www.edcostello.com/article.cfm

A form of alternative dispute resolution in which the parties bring their dispute to a neutral third party and agree to abide by his or her decision. In arbitration there is a hearing at which both parties have an opportunity to be heard.
courts.delaware.gov/How%20To/court%20proceedings/

The process of settling disputes between parties by a person or persons chosen or agreed to by them. NFA’s arbitration program provides a forum for resolving futures-related disputes between NFA Members or between Members and customers.
www.managedfutures.com/managed_futures_glossary.html

Means of settling a dispute between two parties in which the matter is decided by a third party chosen by the two disputants.
www.onlinewbc.gov/docs/starting/glossary.html

The procedure used to determine responsibility for a chargeback-related dispute between two members. Assessments: Fees paid quarterly by members to VISA and MasterCard to support marketing and operating activities. Association: An organization owned by members, which services and obtains processing services for members and functions as a principal/proprietary member of VISA or MasterCard.
www.firstdata.com/abt_gloss_A.jsp

A process in which the parties to a dispute submit their dispute to an impartial third party for a final, binding decision.
https://www.premera.com/stellent/groups/public/documents/xcpproject/pvd_gl_a.asp

The process of resolving a labor dispute involving the application or interpretation of a collective bargaining agreement, by asking an impartial third party to make a decision after both labor and management have presented their cases.
www.oahutrans2k.com/info/glossary/G.htm

Where it is available, a method of settling a labor-management dispute by having an impartial third party hold a formal hearing, take testimony and render a decision. The decision is usually binding upon the parties (ie, the University, the union and the employees).
www.umbc.edu/collectivebargaining/glossary.html

A procedure for resolving disputes out of court by an impartial third party chosen by the disputing parties who agree to abide by the decision of the arbitrator. While disagreements and disputes involving real estate often result in court action, disputing parties sometimes agree to settlement through arbitration. Back to top -- View Real Estate Listings
www.north-carolina-real-estate-online.com/real-estate-terms-A.html

A alternative dispute resolution method before an independent and neutral third party who hears and considers the merits of the dispute and renders a final and binding decision called an award. Similar to litigation in that it involves adjudication, except the parties choose their arbitrator and the manner in which the arbitration will proceed.
www.leanlegal.com/dictionary/a.asp

when litigants, by agreement, submit their dispute to an impartial person who is not a judge. That person, the arbitrator, hears testimony and evidence to reach a decision based upon the evidence and the law. The decision is usually binding on the parties. In divorces the decision is customarily approved by a judge and the arbitrator is required to have special training or certification. The litigants usually pay a flat fee, hourly charge or daily charge to the arbitrator.
www.smartdivorce.com/books/glossary.shtml

A dispute-resolution method in which an impartial third party, agreed upon by all sides beforehand, makes a decision.
www.newjerseymortgages.bz/mortgageterms/a.php

An alternative method of resolving disputes between parties. The right of Appeal from a decision of the arbitrator is limited by the Arbitration Act 1979.
www.patent.gov.uk/patent/glossary/

The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law.
www.phoenixhomes.com/PageManager/Default.aspx/PageID=396993

For any Claim (excluding Claims for injunctive or other equitable relief) where the total amount of the award sought is less than $10,000, Members or eBay may elect to resolve the dispute through binding arbitration conducted by telephone, on-line, and/or based solely upon written submissions where no in-person appearance is required. ...
anythingpoints.ebay.com/terms.html

The determination of a dispute by a disinterested third person, or persons, selected by the disputants.
www.commercialbar.com/lawterms.htm

A low-cost alternative to settling disputes over securities transactions in the court system. The NYSE administers this service.
www.strebelcpa.com/resources/glossary.htm

A method of settling disputes through the intervention of a third party whose decision is final and binding.
www.cupe.sk.ca/terminology.htm

An arbitrator conducts a hearing between the parties and then, acting as a judge, rends a legally binding decision. Arbitration resembles a court proceeding. Each side calls witnesses, presents evidence, and makes arguments. The arbitrator makes a finding or "award." Arbitrations are considered less expensive and faster than traditional litigation; however, there are disagreements over the benefits of arbitration.
www.davis-stirling.com/mediation/terms.html

A method of resolving a dispute in which a third party renders a decision.
kansas.realestatemate.com/Content/glossary/

process by which an outsider is authorized to dictate the terms of a settlement of a dispute if a voluntary agreement can not be reached
www.imuna.org/c2c/app_a.html

A method of settling a dispute by utilizing an impartial individual or individuals. All exchanges and securities associations have adopted a Code of Arbitration through which all disputes between firms, employees and firms, and firms and clearing corporations are settled.
www.treasuries.com/glossary.php