bzyb

LO credit report fees?

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Do we have to pay her $25 per report when she did NOTHING to help us?

We never signed anything with her and decided to wait until we completed credit repair to purchase a home. Now she is emailing saying we owe her $50 for two reports--which she only pulled one.

Help?

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Do we have to pay her $25 per report when she did NOTHING to help us?

We never signed anything with her and decided to wait until we completed credit repair to purchase a home. Now she is emailing saying we owe her $50 for two reports--which she only pulled one.

Help?

Take a deep breath!!

Who is the "her" in your story. Is this a mortgage lender?

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Did you authorize her to pull your reports?

Did you agree, even verbally, to pay for the pull?

If you didn't agree to pay, call her and tell her you never agreed and won't be paying.

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She is the loan officer. We did an online app that stated nothing about fees for the credit pull.

We've done this in the past to check out status and were not charged a fee. It is my understanding that they can ask for this fee at CLOSING or BEFORE initial application. We have not signed any type of disclosure with her and the application said nothing about us being responsible for a fee.

***taking that suggested deep breath now****

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I'd tell her to shove the credit report up her keyster. She gets nothing. That is a cost of doing business. Unless you agreed to pay for it, then she eats the cost and recoups it on deals that she closes. Print out the online app if you can just in case this woman decides to do something stupid and try to collect on you.

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I'm thinking she's just trying to make a quick buck and bully you into paying. She probably does this routinely and probably collects from many uninformed clients.

I'd threaten to report her. I'm not certain I would actually report her. I guess it depends on how snotty she gets with you.

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I'm thinking she's just trying to make a quick buck and bully you into paying. She probably does this routinely and probably collects from many uninformed clients.

I'd threaten to report her. I'm not certain I would actually report her. I guess it depends on how snotty she gets with you.

Not to mention, if they are anything like CA's as far as how the CRA's bill them, she probably didn't pay more than $1.00. I wouldn't even call the woman back, if she doesn't have any payment info.

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Not to mention, if they are anything like CA's as far as how the CRA's bill them, she probably didn't pay more than $1.00.
I'm not a broker but I think they pay at least $15 for them. I have had a few brokers pull my credit and they told me that is what they pay. But I have never had a broker/LO ever charge me for one.
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Credit Reports:

They cost between 9 and 18.00 depending on what type and who the supplier is. I currently use LandSafe and they charge me 14.45. And there is now a "repull fee" that they charge of up to 2.50. This "repull" is a great feature however in that LOs can use the same report with a number of lenders and the borrower does not have additional "Hits" to their scores.

Charles

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Not to mention, if they are anything like CA's as far as how the CRA's bill them, she probably didn't pay more than $1.00. I wouldn't even call the woman back, if she doesn't have any payment info.

Thanks!

I've decided not to respond. I forwarded the info over to the sales counselor and all he could say was WOW.

For her sake, she should not attempt to collect or contact me again.

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Well, she's back. Since I did not respond, she is threatening to put a collection on our credit report.

Tell her you never agreed to pay any fees and if she does that you will hire an attorney. She may be willing to just eat the fee rather than having to pay for a defense.

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Call her up, be polite, and ask her to fax you the agreement you signed that states that you owe her payment for the credit report. When she tells you that she doesn't have one, let her know you will sue her if she attacks your credit. This chick is ridiculous.

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I would also call her manager and have him fax you a copy of the borrowers signature authorization and the agreement that you signed agreeing to paying this company for expenses incurred.

Charles

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Credit Reports:

They cost between 9 and 18.00 depending on what type and who the supplier is. I currently use LandSafe and they charge me 14.45. And there is now a "repull fee" that they charge of up to 2.50. This "repull" is a great feature however in that LOs can use the same report with a number of lenders and the borrower does not have additional "Hits" to their scores.

Charles

I agree with Charles - credit reports cost me between $7 to $18, it's a tax write off (cost of doing business).

When a loan closes, this is collected. .....:)++

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I didn't realize it was a tax write-off. That's something positive.

Otherwise, if you think about it any of us with mortgages could contact a LO under the guise of "refinancing" and request our CR's and get them for free...so I can understand on some level why they would charge if you didn't continue on w/ the loan process...but whatever. If you didn't sign anything or agree to anything than you don't owe anything. Next time, just be aware of this. Pull your own credit instead and don't contact a LO until you know you're ready. Their time is important to and I don't expect ANYONE to work for free because I sure as heck wouldn't work for free. Sorry...not trying to be devil's advocate, but there's always two sides.

Elyse

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I just wanted to add that I don't agree w/ it per se. About 5-6 months back I had a LO pull my credit because dh and I are hoping to do a refinance.

Anyway, we realized by looking at the credit that we probably wouldn't qualify at THAT time. So, she gave me a few things to work on and off I went. Than, about two-three weeks later she tells me she needs the funds for the credit pull. I was thinking, "HUH?" I was a bit shocked because I did plan on working w/ her when we were ready, but ok--so I paid it because I figured that I may end up going w/ a different LO. But in all, I didn't agree-but I do recall her informing me that there would be a fee.

Update; Now I am doing the refi, but I told her up front that I can't afford to pay for more credit reports this time. She said there would be NO fee, So, guess she'll get it at closing.

I dunno, on one side I can understand the fees...but on another, I think it's a cheap skate way to do business.

Elyse

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LMAO...not to worry. Since my nutcase email, she's quieted down.

AND for those interested, paying for the report was not the problem. If she had told us about the fees upfront and had been honest with us during our unsuccessful attempt to get funding on a home that was already in the process of being built, we would have gladly given her $25. The problem was that we provided her with the original report to review and she wanted payment for that one, too.

I won't even go into all of the other details/issues we had with this woman. It would take too many posts.

Needless to say, she is scattered and I hope to never run into her on the streets.

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