Consumer Fairness Act of 2007 - Amends the Consumer Credit Protection Act to treat as an unfair and deceptive trade act or practice under federal or state law any written provision in a consumer transaction or contract which requires binding arbitration to resolve a controversy arising out of or related to the transaction or contract, or the failure to perform any part.
Declares such a provision unenforceable.
Permits a written agreement to determine an existing controversy by binding arbitration if the parties agree after the controversy has arisen.