“We have started talking about something that we’d like to see more thought and discussion put into, which is giving consumers control of their credit reports,” McKay said. “So, currently, if a borrower comes to me and says, ‘Hey, I just had my credit report pulled by the competitor down the street. Can you just use that report?’ I have to say no, and there’s not a good reason for that. Either I’m going to pay $150, or they’re going to pay $150 to get the exact same report pulled.”
Peter Idziak of Polunsky Beitel Green urges mortgage brokers to verify that AI tools comply with regulations like ECOA and FHA, stressing the need for transparency in vendor training data and decision-making processes.https://t.co/ZHtnLWoAZS
— Mortgage Professional America Magazine (@MPAMagazineUS) November 26, 2025
By going to a portable report system, not only could it reduce the number of times a report is pulled, potentially saving the end customer money, but it would also let the end customer see exactly how much the reports cost, which would be another way to hold the credit industry accountable for pricing changes.
“We think that consumers should be able to go to either a centralized website or go directly to the credit vendors and pull their own credit report,” McKay said. “They pay for it, then go to a loan officer with a credit reference number that already exists, and whatever login security code stuff needs to be done, and then we can import the credit report.
“It reduces the number of credit reports pulled in aggregate. Also, now consumers are paying for reports, and if they continue to increase their costs, it brings consumers into the fight. And then they’re not blaming us. If I say it’s $150 for the credit report, they think I have some margin involved in that. If they’re going directly to the providers, it’s a different story.”
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