MBA Statement Highlighting Policy Concerns on Credit Reporting Costs
WASHINGTON, D.C. (December 1, 2023) — MBA's President and CEO Bob Broeksmit, CMB, released the following statement highlighting policy concerns on credit reporting costs:
“MBA is deeply concerned about the sharply rising costs of the tri-merge credit reports and other credit reporting products, some of which are required in order to originate a loan for sale to the GSEs and for government-insured loans. We have seen the media reports about price increases for the required 'tri-merge' credit report that will range from 25% to more than 400% beginning in 2024. This follows a sharp increase that was just put in place earlier this year.
“Today, in light of these media reports about another round of unexplained sharp price increases, we reiterate our concerns about the lack of transparency into the factors that are driving these pricing changes. Given the unique market structure and limited options for obtaining credit reports and credit scores, MBA urges policymakers to examine the drivers of these cost increases to ensure transparency and to protect consumers from paying higher costs in connection with their home mortgages.”