The CFPB is looking to improve ‘competition, choice and affordability’ in credit reporting costs and other mortgage closing costs. Mortgage lenders have told the bureau that costs for credit reports and scores have increased by as much as 400% since 2022.
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CFPB targeting 'lack of competition' in credit reporting, credit scores
"Mortgage lenders in the U.S. increasingly face a lack of competition when it comes to accessing data and reports needed for loan originations. In many cases, a handful of firms have cornered the market, allowing those companies to levy a tax on every mortgage application or transaction in the country."
