Pulte says FHFA weighing bi-merge, single credit report

Bill Pulte took to social media this week to say the Federal Housing Finance Agency (FHFA) is “seriously considering” the adoption of a bi-merge credit report while also “studying” the usage of just one credit report to reduce costs for borrowers. “Equifax, Experian, and TransUnion have been overcharging Americans for far too long. This will end soon. We are seriously considering bi-merge, and stronger solutions (SAFER and SOUNDER). We will not allow companies to take advantage of American consumers. No more,” Pulte wrote on social media on Thursday. In a post on Friday, he added that the FHFA is “also studying the usage of just one credit report to bring even more savings than we already have to American consumers.” Spokespersons for the three credit bureaus did not immediately reply to HousingWire’s request for comment. A bi-merge option was on the table during the Biden administration when the FHFA was run by Sandra Thompson, but it was delayed due to implementation challenges. Recently, some players in the industry have defended the use of a single-file option, with the Mortgage Bankers Association (MBA) being the most vocal supporter of the idea. The trade group argues that a ...