Experian announced Oct. 12 enhancements to its Power Profile Plus for Mortgage solution, according to a press release. A single soft inquiry gives lenders a full Experian credit profile and VantageScore® 4.0.
- Lenders can request unlimited eligible follow-up soft inquiries during the application and qualification period at no added Experian credit-profile charge.
- Lenders can add a FICO® Score at their discretion; the standard score charge applies, but Experian does not charge again for the underlying credit profile.
- When a borrower is ready to proceed, lenders can convert the soft inquiry to a hard inquiry at standard hard-pull credit-report and score pricing.
- Experian says the update follows the Federal Housing Finance Agency's expansion of VantageScore 4.0 availability to all approved Fannie Mae and Freddie Mac lenders.
At Informative Research, how and when a lender converts a soft inquiry into a hard pull is exactly the kind of ordering decision we help clients manage as part of their overall credit and verification costs, whichever bureau or score model they use.