The CFPB raises concerns over the credit reporting industry's 400% fee hike since 2022.
The CFPB raises concerns over the credit reporting industry's 400% fee hike since 2022, with costs outpacing inflation and causing mortgage lenders to pay multiple times. Director Rohit Chopra criticizes the industry's high fees and inaccuracies, accusing it of leveraging its position for profit. The CFPB is exploring ways to address the industry's power and improve competition, choice, and affordability in credit reporting and mortgage closing costs.
May 20, 2024
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