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Portable credit reports spark debate over costs, feasibility
While the mortgage industry lobbies to reduce credit report costs, the idea of allowing borrowers to use the same file across multiple lenders has slowly emerged.
While the mortgage industry lobbies to reduce The Current context
The portable credit report concept recently emerged when the Consumer Financial Protection Bureau (CFPB), under former Director Rohit Chopra, debated the There are also questions about operational challenges — for example, how sharing the information with multiple lender would affect credit scores. “Portable credit reports are a novel and compelling idea with clear potential benefits for the consumer experience,” Stork said. “At the same time, we need more clarity on key operational and risk considerations. For example, the process today includes verifying inquiries to ensure the borrower hasn’t opened new credit across multiple lenders. “As we evaluate a portable model, a concern might be how those safeguards would work. With that clarity, the industry can better assess the concept.” “We are obviously very focused on fraud prevention; “It is time to give consumers meaningful control over their credit reports,” he said.
Eric Ellman, president of the National Consumer Reporting Association (NCRA), raised concerns about fraud.
Source Reference
Originally published by Flávia Furlan Nunes
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