Two of the big three Experian and Equifax have decided that there billion dollar a year corporations need more profit margin. Starting in 2007 the Big Two (Experian and Equifax) have decided that charging once for a credit pull when a client applies for a home loan is not enough.

The normal process for an applicant applying for a home loan was to have there credit pulled by the mortgage broker then the file would be submitted to for an approval with a national lender. The lender would than in many cases re-issue the credit on there end to verify the report. The cost for re issuing the credit will now be somewhere from $8.00 to as much as $200.00 to have the report re issued and will be passed on to the broker which ultimately will be passed on to the consumer.

In a case where you have a marginal borrower do to credit rating where you may have to shop the loan to multiple lenders this could be a cost issue that will limit the possibility of either the consumer getting the best possible loan program or knocking them right out of the market place.

Equifax according to CCNMoney.com had total revenues of 1,443.4 Billion in 2006 and Experian came in at 3.1 Billon. With this type of profits one must wonder when enough is enough, especially in a market place that is already struggling with lender increasing underwriting guild lines and the subprime market in trouble.

Unfortunately, once again the most effected will the consumers with margin credit. The only ones that stand to gain from this new price increase are Experian and Equifax.

For more information on Mortgage and Credit News contact:

Two of the big three Experian and Equifax have decided that there billion dollar a year corporations need more profit margin. Starting in 2007 the Big Two (Experian and Equifax) have decided that charging once for a credit pull when a client applies for a home loan is not enough.

The normal process for an applicant applying for a home loan was to have there credit pulled by the mortgage broker then the file would be submitted to for an approval with a national lender. The lender would than in many cases re-issue the credit on there end to verify the report. The cost for re issuing the credit will now be somewhere from $8.00 to as much as $200.00 to have the report re issued and will be passed on to the broker which ultimately will be passed on to the consumer.

In a case where you have a marginal borrower do to credit rating where you may have to shop the loan to multiple lenders this could be a cost issue that will limit the possibility of either the consumer getting the best possible loan program or knocking them right out of the market place.

Equifax according to CCNMoney.com had total revenues of 1,443.4 Billion in 2006 and Experian came in at 3.1 Billon. With this type of profits one must wonder when enough is enough, especially in a market place that is already struggling with lender increasing underwriting guild lines and the subprime market in trouble.

Unfortunately, once again the most effected will the consumers with margin credit. The only ones that stand to gain from this new price increase are Experian and Equifax.

For more information on Mortgage and Credit News contact:

Mark Bustamonte
certified mortgage Planning Specialist
Mortgage Sources Corp
www.mtgplanning.com
markb@mtgplanning.com

Certified Credit Consultant
United Credit Education Services
www.unitedcredited.com
mark@unitedcredited.com

866-840-2240
Source: National Association of Mortgage Brokers and CNNMoney.com