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Yes, as long as you had a binding arbitration agreement in your original contract. Many times, creditors force arbitration on debtors when it's not 100% legal. The unpaid debt is still valid unless a court finds otherwise. For more information on your state's laws, please see http://www.proffriedman.com/files/CPLR-FAA_Agreement.htm. Also, for help with understanding credit, see www.creditboards.com.

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