I had a line of equity loan with CIT originated in 2006. That loan was transferred to Vericrest in mid-2009. I have made payments on time every month, always paying much more than the minimum monthly payment in order to pay off the loan. Most payments were about double the minimum, many were three times the minimum. I have been a good customer for them.
Also, I have never been late on my home 1st mortgage, or actually on any debt. I am quite conservative on money, and pay all credit cards to zero every month, always buying cars for cash only and maintaining good savings.
On my December 09 statement from Vericrest, there is a $30 charge. After several calls, I found out that this was an attorney charge by Vericrest to check my credit to make sure there were no foreclosures or problems with any property or loans. Of course, there are none, and there was nothing that could have indicated that I have a problem. And for this, they charged me an attorney fee.
This is blatantly unfair, but the customer service person on the phone told me that they can legally do this because it is in the loan agreement. This is hard to believe.
If the CS operator is correct, Vericrest can rack on attorney fee charges all the time on my account with no reason to do so and without any results. I cannot believe this is legal, and I am going to search for how I can combat this criminal or unethical activity on the part of this company.
Any suggestions would be appreciated.