According to HousingWire, Experian has rolled out improvements to its Power Profile Plus for Mortgage product that change how lenders can pull credit information during the mortgage application process. The key benefit is that lenders can now request multiple follow-up soft credit inquiries without paying additional charges beyond the initial pull, whereas before each inquiry came with its own cost.
What this means in practical terms is that borrowers can get a complete look at their credit standing through Experian's full credit profile and VantageScore 4.0 without triggering a hard inquiry that impacts their credit score. Lenders get decision-ready information early in the process, which helps both sides understand where things stand before moving forward with a formal hard pull.
The timing of this announcement connects to some bigger industry shifts. The Federal Housing Finance Agency recently opened up VantageScore 4.0 access to all approved lenders working with Fannie Mae and Freddie Mac, so more lenders are exploring these newer scoring models instead of relying on older methods. Experian designed these enhancements to help lenders manage costs as they adopt these fresher approaches to evaluating borrowers.
There is also consumer appetite driving some of this change. Experian's research shows that a meaningful portion of homebuyers would shop around for a different lender if they found out their current one was using outdated credit scoring that doesn't factor in things like rent and utility payments. Even more would be interested in pursuing homeownership if lenders looked at a fuller picture of their payment history.
The technical side of the rollout allows lenders to keep requesting additional FICO scores if needed, though those carry their own charges. When a borrower is ready to move ahead, the lender can transition from the soft inquiry to a hard one and pay the standard pricing for that formal credit report and scores.
What I am seeing locally here in the Bay Area is that anything that helps borrowers explore their options without damage to their credit score is a win, especially in our market where people are being selective and careful about every step in the process. This kind of flexibility in how lenders assess credit early on could help more folks get clarity on whether pursuing a mortgage makes sense before they commit to the formal application.
