Experian expands Power Profile Plus, adds unlimited soft pulls

Experian announced on Monday that it has enhanced its Power Profile Plus for Mortgage solution, allowing lenders to request additional soft credit inquiries without incurring additional credit-profile charges during the mortgage application and qualification process. The updated solution provides lenders with a full Experian credit profile and VantageScore 4.0 through a soft inquiry, allowing them to assess borrowers without initially requiring a hard credit inquiry. Lenders can now request unlimited eligible follow-up soft inquiries during the application and qualification period and add scores at their discretion without paying another Experian credit-profile charge. “As the mortgage industry expands its use of modern credit scores, our focus is on making that transition cost-effective and easy to implement,” Michele Bodda, group president of Experian Housing, Verification Solutions and Employer Services, said in a statement. The enhancements are intended to give lenders decision-ready information while lowering early-stage costs, Bodda said. Under the updated workflow, lenders can request additional FICO scores as needed, although applicable score charges still apply. When borro...