Consumer Credit Fair Dispute Resolution Act of 2001 - Amends Federal arbitration provisions to define: (1) "consumer credit transaction" as the right granted to a person to incur debt and defer its payment, where the credit is intended primarily for personal, family, or household purposes; and (2) "consumer credit contract" as any contract between the parties to a consumer credit transaction.

Provides that any written provision in such a contract evidencing a transaction involving commerce to settle by arbitration a controversy arising out the contract, or the refusal to perform the whole or any part, shall not be valid or enforceable. Declares that nothing in this Act prohibits the enforcement of any written agreement to settle by arbitration a controversy arising out of such a contract if the agreement has been entered into by the parties to the contract after the controversy has arisen.