Brendan McKay is fed up.
The “big three” credit bureaus — Experian, Equifax and TransUnion — are not operating in a truly free market, argues the chief advocacy officer for the Broker Action Coalition (BAC), because mortgage lenders are forced to operate under a government-created system requiring them to buy their data.
McKay vented about this in a LinkedIn post Thursday, saying the federal rules are “giving these companies a level of protection from competition and market power that most businesses couldn't even dream of.” His post included a BAC-branded image highlighting a 400% increase in credit report costs over the past decade.
“How do they use that privilege? By selling consumer data without permission and behaving as though they op...