Obviously I think a lot of folks got a lot of comedy from it. Yeah, luckily it seems like it worked pretty well. What effect did your appearance have? Do you think that people got that message? Were you able to warn people about the existence of this forced arbitration clause that's used so often? It's often buried in the terms and conditions of apps or contracts we sign. ![]() So consumers are signing these kinds of things every day. So Equifax actually ended up taking out the arbitration clause after there was a lot of public outcry.īut they were a really good example because even though they got caught and ended up having to remove it, this is standard practice across banks, lenders and all three credit lenders. They wouldn't be able to use those services. So any of these people who were affected by this data breach - if they wanted to sue Equifax - would have to first of all agree to the terms. And if they didn't do that, what would happen? House Republicans and Democrats lashed out at Richard Smith, demanding answers for the massive data breach that compromised the sensitive personal information of an estimated 145 million Americans. What this clause does, when you sue Equifax or another lender for dispute, basically instead of being able to join together in a public court system that our tax dollars pay for, you have to go into secret arbitration proceedings where Equifax gets to choose the firm that decides the case, and it's very hard to appeal a bad decision. But buried deep in the terms and conditions of that website, it had what's called a forced arbitration clause. Right as they told everyone about the data breach, they directed people to this trusted ID site where they could get some sort of identity protection products. This is the way actually people would have to, if they wanted to get protection or get information, they have to sign on to this.
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