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Creditor requesting funds to process request to validate negative items on credit file.

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Member

Creditor requesting funds to process request to validate negative items on credit file.

Hey guys,

Im new to the credit repair procedures and have been sending letters to all the creditors to see if i can get everythings validated. Ive had real good luck with many , but one letter got my attention.

I got a letter from a credit union i got my car loan from stating they will send me over copies of the requested information at $2.00 per statement or agreement , and that there is also a $25 per hour research fee with a mininum of one hour. And that once recieving funds, they will process my request. 

 

Is this even legal?

Any info will help thanks!

Abraham

Starting Score:EQ/TU/EX 520/491/484
Goal: 750 Across the board
5 REPLIES
Moderator

Re: Creditor requesting funds to process request to validate negative items on credit file.

I moved your post to Rebuilding because there are some awesome people in this subforum that will know the answer to your question.

Message 2 of 6
Frequent Contributor

Re: Creditor requesting funds to process request to validate negative items on credit file.


aberangel06 wrote:

Hey guys,

Im new to the credit repair procedures and have been sending letters to all the creditors to see if i can get everythings validated. Ive had real good luck with many , but one letter got my attention.

I got a letter from a credit union i got my car loan from stating they will send me over copies of the requested information at $2.00 per statement or agreement , and that there is also a $25 per hour research fee with a mininum of one hour. And that once recieving funds, they will process my request. 

 

Is this even legal?

Any info will help thanks!

Abraham


Two of the credit unions that I am a member of charge to provide hard copies of statements- regardless of the type of statement.  I would think that is typical procedure based upon my experience with the two credit unions.  Your mileage may vary.

 

Are you disputing the car loan?  Are you disputing the amount by which they say that you owe?

 

Could you explain in a little more detail this CL?  Is this account in collections?  What is the original loan amount, and how much is owed.  Are you trying to dispute 30/60/90 days, or the collection itself?  Etc, etc...


Starting Score: EQ 593, TU 600, EX 612
Current Score: EQ 838, TU 850, EX 847
Goal Score: EQ 750, TU 750, EX 780


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Message 3 of 6
Member

Re: Creditor requesting funds to process request to validate negative items on credit file.

thanks, im kinda still new to this.

Starting Score:EQ/TU/EX 520/491/484
Goal: 750 Across the board
Message 4 of 6
Member

Re: Creditor requesting funds to process request to validate negative items on credit file.

Hey,

Ive just paid off the car loan, i checked my credit report and noticed they have me down for 2 late payments, which i have been on autodraft since day one. So i requested for them to validate the late payments, and they responded with i need to pay for them to investigate the matter.

 

I think the best bet is to dispute it with the bureaus, im sure they would be forced to prove the info within the 30 days.

like i said any info would be great! thanks

Starting Score:EQ/TU/EX 520/491/484
Goal: 750 Across the board
Message 5 of 6
Community Leader
Super Contributor

Re: Creditor requesting funds to process request to validate negative items on credit file.


aberangel06 wrote:

Hey guys,

Im new to the credit repair procedures and have been sending letters to all the creditors to see if i can get everythings validated. Ive had real good luck with many , but one letter got my attention.

I got a letter from a credit union i got my car loan from stating they will send me over copies of the requested information at $2.00 per statement or agreement , and that there is also a $25 per hour research fee with a mininum of one hour. And that once recieving funds, they will process my request. 

 

Is this even legal?

Any info will help thanks!

Abraham


"debt validation" under FDCPA does not apply to original creditors. So they are simply treating this as a request for old account information.

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Message 6 of 6