Pulte accuses Equifax, Experian, TransUnion of overcharging Americans

Federal Housing Finance Agency Director Bill Pulte has criticized the three major U.S. credit-reporting companies - Equifax, Experian and TransUnion - for overcharging Americans for years, alleging that the practice will soon come to an end. In a recent X post, Pulte urged the government to consider changes that could boost competition in the credit-reporting market.

His comments have reignited scrutiny over the cost of credit reports used in the U.S. mortgage market, where lenders typically rely on tri-merge reports that combine data from all three nationwide credit bureaus. These reports are utilized alongside credit-scoring models to gauge borrowers' creditworthiness. Mortgage lenders have experienced average increases of 40% to 50% in credit-reporting costs for 2026, including significant hikes for tri-merge reports required by Fannie Mae and Freddie Mac.

Pulte has previously expressed concerns about escalating credit-reporting costs. The Mortgage Bankers Association reported these cost increases for 2026. The situation is also linked to Pulte's and the Federal Housing Finance Agency's (FHFA) efforts to foster greater competition in the U.S. mortgage credit-scoring system. In April, the FHFA announced plans to allow Fannie Mae and Freddie Mac to use VantageScore 4.0 alongside the Classic FICO model during an interim phase, aiming to lower costs and modernize mortgage credit scoring.

The three credit bureaus have defended themselves against some of the criticism, with TransUnion arguing that changes by FICO have raised costs and supporting the introduction of alternative scoring models to promote competition.