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Senator calls for FTC investigation into FICO score pricing

Senator calls for FTC investigation into FICO score pricing

Credit scores, Industry News, Mortgages, Originations, Politics and policy /

Senator Josh Hawley, a Republican from Missouri, during a hearing on Wednesday, April 17, 2024. Photographer: Graeme Sloan/BloombergGraeme Sloan/Bloomberg A Republican senator launched a new investigation into the leading provider of mortgage borrower credit scores, reiterating prior criticism of a “monopoly” he says proves detrimental to aspiring home buyers.  Processing Content Alongside his own investigation […]

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TransUnion fires latest volley in credit-score price war

TransUnion fires latest volley in credit-score price war

Credit scores, FICO /

TransUnion has further slashed its mortgage origination price for VantageScore 4.0, a metric the government-related secondary market is seeking to promote as an alternative to traditional measures available from FICO. Processing Content The considerably lower $0.99 price is down from $4, which already was a 50% discount relative to earlier pricing, said Satyan Merchant, the

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FHFA VantageScore savings sized up, FICO expands in mortgage

Credit scores, Secondary markets /

Plans to expand competitive use of VantageScore in the mortgage market could save the industry hundreds of millions of dollars, potentially offsetting concerns about rising credit score costs. Processing Content VantageScore estimates that full adoption of its 4.0 version under a “competitive use” scenario could cut more than $600 million in the first 12 months,

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Mortgage tech can’t fix bad credit data

Credit reporting, Credit scores, Mortgage technology, Risk management /

The mortgage industry loves speed. Faster verifications, faster underwriting, faster closings. Over the past decade, lenders have invested heavily in technology designed to compress cycle times, reduce manual touchpoints, and improve margins in an increasingly rate-sensitive market. Processing Content But there is a structural problem technology alone cannot solve: a mortgage decision is only as

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CFPB implements new requirements for complaints on its portal

Consumer lending, Credit scores, Politics and policy, Regulation and compliance /

Key insight: The three credit bureaus — Equifax, Experian and TransUnion — say the complaint portal is being abused by third-party credit repair firms and AI bots. What’s at stake: Credit repair firms are using the CFPB’s complaint portal to try to remove accurate but negative information from credit reports. Supporting data: Credit reporting complaints hit

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The mortgage market runs on IMBs. Washington hasn’t caught up

Credit scores, Originations, Politics and policy /

Last week the Community Home Lenders of America released its CHLA 2025 Report on Independent Mortgage Banks.   Processing Content The report leads off by highlighting significant developments over the past year that affect mortgage lender/servicers and the homebuyers and borrowers they serve.   In many ways, 2025 was a good year, at least for advocacy

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Lenders group flags risks in single-bureau credit plan

Credit, Credit scores, Originations, Secondary markets /

The Community Home Lenders of America has published a new list of reasons it views the effort it would take to transition to a single-bureau credit report option at the government-sponsored enterprises as outweighing benefits related to a potential reduction in expense. Processing Content “Costs will likely not be reduced — and could be increased,”

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Rent reporting fintech Esusu raises million

Rent reporting fintech Esusu raises $50 million

Credit scores, Mortgage technology /

Renters using Esusu programs have reportedly realized an average increase of 45 points to their credit scores.Michael Nagle/Bloomberg Rent reporting platform Esusu raised $50 million in a Series C funding round, which it plans to use to scale three specific programs. Processing Content The New York City-based fintech now counts total capital raised to over

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MBA objects to credit report price hike, wants single pull

Credit scores, LOAN PRODUCTS, Originations, Risk management, Secondary markets, Underwriting /

The mortgage industry is up in arms about price increases for credit score pulls. “By now, half the mortgage industry has seen the proposed increases for accessing consumer credit,” a LinkedIn post from NFM Lending Managing Director Greg Sher said. “It’s anywhere from 40-100% – this is on the heels of 700% increases over the

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Zillow launches new tool to help renters build credit

Credit scores, Industry News, Technology, Zillow /

Zillow is helping renters use their monthly payments to boost their credit profiles through CreditClimb, a new tool powered by Esusu. Renters can now enroll in CreditClimb directly through Zillow to have their on-time rent payments reported to the three major credit bureaus for $20 a year. The tool also helps renters track their credit

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