Market Pulse

Equifax, Experian and TransUnion share where credit reporting and credit scoring go next. On this Equifax Market Pulse podcast, Joel Rickman, Michele Bodda and Satyan Merchant share what each credit bureau brings, how richer data helps borrowers qualify, and what’s next.

HousingWire CEO Clayton Collins brings together an unprecedented trio — Joel Rickman (Equifax), Michele Bodda (Experian), and Satyan Merchant (TransUnion) — for a first-of-its-kind conversation on how data is redefining the mortgage process. The three leaders also unpack key topics dominating the MBA Annual 25 conference floor — from the tri-merge debate and the cost of credit reports to regulatory shifts, innovation in alternative data, and the rise of VantageScore.More from this episode:Why is data so important in today’s mortgage ecosystem?Data drives nearly every step of the mortgage process — from pre-qualification to underwriting. As Joel Rickman explains, “more data is better for the consumer,” because richer data helps more people qualify for home loans while maintaining safety and soundness in the system.How are the credit bureaus competing and collaborating?While they compete fiercely for business, the three bureaus share a united goal of financial inclusion. Each is innovating through differentiated data sources like rental payments, utilities, telecom data, and cash-flow insights — all designed to represent consumers more fairly.What new data types are shaping credit files?The credit file has never been more diverse.Buy Now, Pay Later (BNPL) accountsRental and utility paymentsShort-term lending dataCash-flow management attributesThese data sets help lenders build more accurate profiles of consumers who were previously underserved or “credit invisible.”What role does regulation play in driving innovation?The panelists agree that regulation and innovation can coexist. The FHFA’s adoption of modern scores like VantageScore 4.0 is one example of policy enabling progress — allowing new models that use broader data to enter the market.What is the bi-merge debate, and why does it matter?The bi-merge proposal — using two credit reports instead of three — is a hot topic at MBA Annual 2025.The bureaus argue that reducing data increases risk and could harm consumers by creating gaps in credit history, leading to higher pricing or denied loans.How are the bureaus improving consumer education?Each company invests in tools and partnerships that help consumers understand and improve their credit:Equifax: education through lender partnershipsExperian: initiatives like Boost and HomeFree USA to reach underrepresented communitiesTransUnion: free credit monitoring and app-based education to help consumers take control of their credit healthWhat innovations are leading the way in credit reporting?Equifax is leveraging The Work Number and NCTUE data to bring employment and telecom insights into credit decisions.Experian is pioneering cash-flow scoring and consumer-permissioned data.TransUnion is expanding rental trade lines and short-term lending insights to include more first-time buyers.How should lenders prepare for VantageScore adoption in 2026?All three bureaus encourage lenders to start testing VantageScore now. They’re offering early access to evaluate how it performs in underwriting and portfolio management before GSE guidelines take effect.

Emmaline Aliff of Equifax joins Dr. Amy Crews Cutts, Chief Economist at AC Cutts & Associates, to unpack the real costs and competitive dynamics of mortgage credit reporting. They dig into what the data actually shows about tri-merge pricing, lender negotiation power, fallout loans, and the entry of VantageScore.In this episode:What is the true cost of pulling a credit report for a mortgage?The cost of a mortgage credit report usually falls within a wide range—from around $40 up to about $240 per file, depending on factors like the number of borrowers and the products included (such as trended data or monitoring services). While some lenders cite an average cost around $155, the actual cost is often driven by how many borrowers are on the application, how many times credit is pulled, and which ancillary services are added.Why do lenders say credit reports are “too expensive”?Many lenders feel credit reports are expensive not because of the unit price, but because of fallout—loans that never close. When a lender pulls credit and the borrower doesn’t complete the loan, the lender usually eats that cost. Unlike appraisals, credit report fees are often not collected upfront, so unrecovered costs on fallout loans can make credit reporting feel disproportionately expensive.How much does a credit report actually matter in the total cost of a mortgage?In the context of a full mortgage transaction, the credit report fee is typically a small fraction of total closing costs and prepaid expenses. Even if a report costs $60–$150, that’s minimal compared to items like taxes, insurance, and appraisal fees. The real financial impact often comes from how credit information influences interest rates and approvals, not just the report fee itself.What is a tri-merge credit report and why does it exist?A tri-merge credit report combines data from the three nationwide credit reporting agencies—Equifax, Experian, and TransUnion—into one consolidated file. This helps:Reduce blind spots by capturing regional and portfolio differences between bureausGive investors and GSEs (Fannie Mae, Freddie Mac) a more complete view of borrower riskSupport underwriting models that rely on rich, multi-bureau data rather than a single viewTri-merge helps maintain investor confidence in mortgage-backed securities by reducing data gaps and gaming risk.

At MBA Annual 2025, HousingWire CEO Clayton Collins interviewed Rikard Bandebo, Chief Strategy Officer and Chief Economist at VantageScore, about one of the biggest industry shifts in decades: the entrance of VantageScore into the mortgage ecosystem. In this episode:Why is credit score competition important?For decades, the mortgage industry has relied on one scoring model. With the Federal Housing Finance Agency (FHFA) expanding options, VantageScore introduces innovation, transparency, and fairness—allowing lenders to assess creditworthiness more accurately and consumers to qualify for mortgages previously out of reach.How will this change expand homeownership?VantageScore’s model incorporates up to 24 months of credit history and uses alternative data sources, helping identify five million additional households that could qualify for mortgages. These consumers are often in rural or high-rental communities, meaning the change supports economic growth and financial inclusion in underserved markets.What are the implications for lenders and the market?· Lenders: Gain new tools to expand their customer base without increasing risk.· Consumers: See more consistent and transparent scoring.· Market: Competitive pricing for credit data, increased innovation, and better access to affordable lending.What’s next for mortgage credit innovation?Lenders are encouraged to back-test their portfolios, prepare internal systems, and align with new data channels to ensure readiness as the transition accelerates in 2026.

Recorded live at MBA Annual25 in Las Vegas, host Rebecca Kritzman, SVP of Experience and Partner Marketing at Equifax, sits down with Emmaline Aliff, Tom Ciulla, and Chris Mock to unpack the biggest themes from Day One — from innovation and data-driven lending to the industry’s ongoing dialogue around tri-merge vs. single-bureau credit models.Who are the speakers?Rebecca Kritzman – SVP, Experience & Partner Marketing, EquifaxEmmaline Aliff – Leader, Equifax AdvisorsTom Ciulla – SVP, Enterprise Alliances, EquifaxChris Mock – VP Mortgage Verification Services, EquifaxTogether, they bring perspectives from marketing, data strategy, sales, and economic analysis. What are the major takeaways from MBA Annual25 Day One?Optimism and Energy: Attendees are feeling energized by collaboration and the potential for industry innovation.Tri-Merge vs. Single-Bureau Debate: Executives discussed the implications of recent announcements on credit models and what they mean for lenders and low-to-moderate-income borrowers.Data-Driven Decisions: The Equifax team emphasized how expanded data, tri-bureau perspectives, and new credit indicators help lenders make more responsible, inclusive lending decisions.Balancing Innovation and Safety: Many sessions focused on adopting new technologies without compromising trust or consumer protection.Industry Alignment: Across meetings, Equifax was recognized for leadership in data innovation and responsible lending. Why is innovation such a key theme this year?Rapid regulatory shifts, market uncertainty, and announcements about credit scoring models have pushed lenders to explore new data sources, smarter automation, and more personalized credit insights. The conversation centered on how innovation can serve both lenders and consumers — improving efficiency while promoting fair access to credit. What challenges did the speakers highlight?The group noted miscommunication and uncertainty around policy changes and data use. They stressed the need for industry education, transparent communication, and data-backed decision-making to reduce fear and misinformation. What gives them hope about the mortgage market?Every guest emphasized a shared sense of responsibility and care within the industry — a collective commitment to helping people live their financial best through responsible, data-driven lending.