CFPB Director Addresses Credit Report Fees Before the Mortgage Bankers Association

We applaud the efforts of CFPB Director Rohit Chopra for working to protect mortgage lenders from rising junk fees. Some credit reporting bureaus institutionalize the inefficiencies in the credit reporting process. These practices drive up mortgage lending costs, which ultimately get absorbed by the mortgage lenders or passed through to consumers as credit reporting agencies attempt to monetize credit reporting in a predatory way. After all, each credit reporting agency is also a data broker, in business primarily to acquire and monetize data.

At Vault Verify, we do our part to hold the line on report costs for employment and income verifications – a vital step in the lending process. Our basic verification fee is roughly half the cost of the big players. We do not charge for re-verifications. And our reports have precisely-defined compensation details drawn from real-time data, saving time in the process. See the many ways Vault Verify creates value for verifiers as well as HR.

“CFPB Director Addresses Credit Report Fees Before the Mortgage Bankers Association” appeared on consumerfinancemonitor.com on May 24, 2024.