Take Credit Bureaus To The Woodshed

Loan Officer Freedom

Carl White

Mortgagemarketinganimals, Business, Loanofficer, Getmoreloans, Freedom, Mortgage, Loanofficercoaching, Carlwhite, Education, How To

5 • 743 Ratings

🗓️ 9 June 2025

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome to Loan Officer Freedom, the #1 podcast in the country for loan officers, hosted by Carl White.

In this episode, your host, Carl White is joined by Owen Lee to expose the shocking rise in credit report costs and how it's crushing mortgage profitability.

They unpack how FICO and the credit bureaus quietly jacked up prices by 400–900% with zero accountability.

Owen shares insider insight from his role at the MBA and urges lenders to rethink how and when they pull credit.

The conversation highlights why the mortgage industry needs a collective voice to fight back against this unchecked price gouging.

Listeners are invited to stay informed, speak up, and join the upcoming Mortgage Townhall for even more industry updates.

Transcript

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0:00.0	So how much is...
0:09.0	So let's talk about two things here just for a second.
0:12.0	Sure.
0:13.0	So how much is a soft pull these days?
0:17.0	Oh, it's about 500% more than it was three years ago.
0:22.9	No kidding.
0:24.2	Yep.
0:25.4	And is that hard-fold, dry merge, about 450% more?
0:31.0	So, crazy.
0:31.6	So both of them, you know, four to five times more than it was three years ago.
0:36.5	What happened?
0:42.8	So what happened is this. So FICO,
1:04.5	you know, the generator of the algorithm that creates the score moved their cost that they get like a royalty on everything that's run from 62 cents to $4.99.
1:08.6	I don't remember if it's $4.95 or $4.99.
1:09.2	Around there.
1:09.5	Okay.
1:09.9	Yep. And then so the credit bureaus,
1:13.3	Aquifax, Experian, TransUnion,
1:16.0	they charge a percentage on top of that.
1:23.6	Okay.
1:24.0	And it's a percentage that is multiple times of what FICO.
1:29.1	So they just kept their percentage the same.
	...

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