Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit is calling for a federal investigation into recent price increases for credit reporting products.
In a post on LinkedIn, Broeksmit stated, “I was hoping it was April Fool’s Day, but it feels more like Groundhog Day. Lenders are receiving their 2026 pricing for credit reports, and once again, costs are skyrocketing. The credit reporting industry continues to abuse its government-granted oligopoly to line its pockets at the expense of consumers and lenders. This must stop.”
Broeksmit added, “We are renewing our calls for the administration to investigate and put a halt to these anti-competitive behaviors and for FHFA and the GSEs to end their requirement that all mortgage borrowers obtain a tri-merge credit report, a requirement that leaves lenders no options and enables this endless cycle of price increases. We will also redouble our efforts on Capitol Hill to urge lawmakers to act. In an era of spiraling housing costs and a focus on improving affordability, the credit industry’s actions are unconscionable.”
Broeksmit’s post received strong support from prominent industry figures. Rich Weidel, CEO at Princeton Mortgage, stated, “$1,314 credit and verification charges on 1 loan. Insanity.” And David E. Holland Jr., president of HMA Mortgage, wrote, “Unbelievable they are coming back to the well again for yet another price increase. Not one for government intervention, however this is example where intervention is needed and warranted. Appreciate the efforts of MBA.”
credit reporting agencies might give accurate reports often – but there are many times when their reporting formulas are totally inaccurate, costing me, and citizens like me, to pay penalties on car insurance, and any number of other things. I cannot believe that in this day and age the three credit agencies are still in business. They shouldn’t be.
FYI – It is unlawful, in the Commonwealth of Pennsylvania, for an insurance company to base their fees on your credit history.
Funny how businesses are never ‘one for government intervention’ until it hits their stock options.
Government should not be in the business of helping business over average citizens. Ever. Whatever is the smarter legislation for this situation, that is what should happen. Period.