FHFA Director Accuses Equifax, Experian, TransUnion of Overcharging for Credit Reports

The director of the Federal Housing Finance Agency (FHFA) on Thursday publicly accused the three dominant U.S. credit-reporting companies of price gouging, warning that the practice would “soon end” and that regulators are exploring ways to overhaul the market.

In a post on the social media platform X, FHFA Director Bill Pulte named Equifax (EFX), Experian (EXPN), and TransUnion (TRU), stating they had been “overcharging Americans for too long.” He added that officials were “seriously considering a ‘bi-merge’ approach” to credit reporting, a potential shift from the current industry standard.

Scrutiny on Mortgage Costs

Pulte’s comments renew regulatory pressure on the cost of credit reports used in the U.S. mortgage market. Lenders traditionally use a “tri-merge” report, which combines data from all three national bureaus, to assess a borrower’s creditworthiness for loans backed by government-sponsored enterprises Fannie Mae and Freddie Mac.

This issue has been a point of contention for months. According to the Mortgage Bankers Association, lenders reported average cost increases of 40% to 50% for credit reports during 2026, with significant price hikes for the tri-merge reports required by the FHFA-regulated mortgage giants.

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Broader Push for Competition

The director's latest statements align with a wider FHFA initiative to foster competition in the credit-scoring industry. In April, the agency announced that Fannie Mae and Freddie Mac would begin an interim phase of allowing lenders to use VantageScore 4.0 as an alternative to the long-standing Classic FICO model. The stated goal of this change was to modernize the system and reduce costs for lenders and borrowers.

The credit bureaus have previously defended their pricing. TransUnion, for instance, has argued that changes made by FICO were a key driver of increased costs and has voiced support for using alternative scoring models to promote competition. Pulte's prior criticism of the bureaus in January led to sharp declines in their stock prices, indicating high investor sensitivity to potential regulatory changes in the credit-reporting landscape.