Industry trade groups noted that the increase comes on top of a 400% price hike over the past two years. They also argued that the credit re-porting bureaus will inevitably add additional price hikes.

Complaints filed with the CFPB increased by 23.0% in the third quarter. And for the first nine months of the year, complaint volume nearly doubled on an annual basis, led by issues with credit reports. (Includes two data tables.)

Consumer ire toward financial services and products doesn’t seem to be abating, with complaints to the CFPB hitting a record high in the second quarter of 2024. (Includes two data tables.)

The Federal Open Market Committee plans to hold interest rates steady until it has greater confidence inflation is heading down toward 2%.

Will allowing lenders to omit one of the three credit scores from the underwriting process reduce costs for borrowers or ensure that some unqualified borrowers inadvertently get a loan they can’t afford?

Lenders argue that dramatic price hikes by FICO have inflated their credit score costs by as much as 500% since 2022.

RCN Capital’s new tri-merge soft credit pull allows investors to qualify for a loan without negatively impacting their credit score.

The Community Home Lenders of America last week wrote to the CEOs of credit bureaus Equifax, TransUnion and Experian, asking them to roll back recent price increases on soft credit pulls.

The Homebuyers Privacy Protection Act has bipartisan support in the House. The bill, like its companion bill in the Senate, would amend the Fair Credit Reporting Act to prohibit the sale of consumers’ information without their approval.

With the cost of credit reports rising, many lenders have begun increasing their use of cheaper soft pulls for borderline borrowers. However, lenders say credit bureaus are raising the price for those as well.