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Talking at an occasion yesterday, CPFB Director Rohit Chopra mentioned his company is taking a look at “value gouging” in credit score reporting.
With credit score experiences required for promoting mortgages to Fannie and Freddie, mortgage lenders don’t have any alternative however to pay for them. Some lenders have shared that the prices for credit score experiences have elevated by as much as 400% since 2022.
To make issues worse credit score experiences are sometimes rife with inaccuracies and the CFPB is inundated with client complaints relating to this downside.
These prices result in costlier mortgages in a market that’s already reeling from the very best rates of interest in additional than 15 years.
“We’re keen to listen to from lenders and can take a look at potential rulemaking and steering to enhance competitors, alternative and affordability,” he mentioned.
Featured
> CFPB calls out “value gouging” in credit score reporting
By Spencer Lee
At an business convention, Shopper Monetary Safety Bureau Director Rohit Chopra mentioned he was open to recommendations on methods to enhance alternative and competitors to learn mortgage lenders and debtors.
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