The Credit File Contradiction: Why is Each Different?

Описание: HousingWire CEO Clayton Collins brings together an unprecedented trio — Joel Rickman (Equifax), Michele Bodda (Experian), and Satyan Merchant (TransUnion) — for a first-of-its-kind conversation on how data is redefining the mortgage process. The three leaders also unpack key topics dominating the MBA Annual 25 conference floor — from the tri-merge debate and the cost of credit reports to regulatory shifts, innovation in alternative data, and the rise of VantageScore.

More from this episode:

Why is data so important in today’s mortgage ecosystem?

Data drives nearly every step of the mortgage process — from pre-qualification to underwriting. As Joel Rickman explains, “more data is better for the consumer,” because richer data helps more people qualify for home loans while maintaining safety and soundness in the system.

How are the credit bureaus competing and collaborating?

While they compete fiercely for business, the three bureaus share a united goal of financial inclusion. Each is innovating through differentiated data sources like rental payments, utilities, telecom data, and cash-flow insights — all designed to represent consumers more fairly.

What new data types are shaping credit files?

The credit file has never been more diverse.
Buy Now, Pay Later (BNPL) accounts
Rental and utility payments
Short-term lending data
Cash-flow management attributes
These data sets help lenders build more accurate profiles of consumers who were previously underserved or “credit invisible.”

What role does regulation play in driving innovation?

The panelists agree that regulation and innovation can coexist. The FHFA’s adoption of modern scores like VantageScore 4.0 is one example of policy enabling progress — allowing new models that use broader data to enter the market.

What is the bi-merge debate, and why does it matter?

The bi-merge proposal — using two credit reports instead of three — is a hot topic at MBA Annual 2025.
The bureaus argue that reducing data increases risk and could harm consumers by creating gaps in credit history, leading to higher pricing or denied loans.

How are the bureaus improving consumer education?

Each company invests in tools and partnerships that help consumers understand and improve their credit:
Equifax: education through lender partnerships
Experian: initiatives like Boost and HomeFree USA to reach underrepresented communities
TransUnion: free credit monitoring and app-based education to help consumers take control of their credit health

What innovations are leading the way in credit reporting?

Equifax is leveraging The Work Number and NCTUE data to bring employment and telecom insights into credit decisions.
Experian is pioneering cash-flow scoring and consumer-permissioned data.
TransUnion is expanding rental trade lines and short-term lending insights to include more first-time buyers.
How should lenders prepare for VantageScore adoption in 2026?
All three bureaus encourage lenders to start testing VantageScore now. They’re offering early access to evaluate how it performs in underwriting and portfolio management before GSE guidelines take effect.

If you have questions or suggestions for future podcasts, please reach out to [email protected].
Check out more from Market Pulse: https://bit.ly/4dvLSch