In this paper we provide quantitative Bloom type estimates for iterated commutators of fractional integrals improving and extending results from [15]. We give new proofs for those inequalities relying upon a new sparse domination that we provide as well in this paper and also in techniques developed in the recent paper [22]. We extend as well the necessity established in [15] to iterated commutators providing a new proof. As a consequence of the preceding results we recover the one weight estimates in [7, 1] and establish the sharpness in the iterated case. Our result provides as well a new characterization of the BMO space.