Soaring Costs for FICO Mortgage Credit Reports Burden Borrowers

Mortgage industry calls for reforms to lower credit report fees and increase competition

Apr. 2, 2026 at 5:19pm

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The cost of FICO mortgage credit reports has skyrocketed in recent years, with some lenders charging as much as $360 for a tri-merged credit report for a married couple. This sharp increase in costs is putting a burden on borrowers, especially first-time homebuyers. The Mortgage Bankers Association is pushing for reforms, such as allowing single credit reports for borrowers with scores above 700 to encourage competition and lower prices.

Why it matters

Affordable access to credit reports is a key factor in enabling more Americans, particularly first-time buyers, to achieve homeownership. The rising costs of these reports could price out potential borrowers and further widen the homeownership gap. Reforms to increase competition and lower prices could make mortgages more accessible.

The details

The cost of a tri-merged credit report with FICO scores has risen 40-50% in the past year, according to industry estimates. Four years ago, a single borrower credit report cost $33, but now it's $134 - a 400% increase. Lenders are passing these higher costs on to borrowers, with some charging as much as $360 for a married couple's credit report. The Mortgage Bankers Association is pushing the Federal Housing Finance Agency to allow single credit reports for borrowers with scores above 700, arguing this would encourage competition and lower prices. However, the Consumer Data Industry Association, which represents the credit bureaus, says FICO's costs have risen over 1,600% in the past five years, driving up reseller prices.

  • Four years ago, a single borrower credit report cost $33.
  • Today, a single borrower credit report costs $134.

The players

Freddie Mac

A government-sponsored enterprise chartered by Congress to provide liquidity, stability and affordability to the U.S. housing market.

Fannie Mae

A government-sponsored enterprise chartered by Congress to provide liquidity, stability and affordability to the U.S. housing market.

Mortgage Bankers Association (MBA)

A trade association that represents the real estate finance industry.

Consumer Data Industry Association (CDIA)

An organization that represents the credit bureaus.

Donald Trump

The President of the United States, who has expressed a goal of lowering homeownership barriers for first-time buyers.

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What they’re saying

“The cost of FICO credit reports is just too high. And there's not enough competition (another scoring system named Vantage Score has been approved by the FHFA-but it hasn't been implemented yet).”

— Mortgage Bankers Association

“CDIA points a finger at FICO (the credit scoring company) explaining that its costs have risen by more than 1,600% over the past five years. Their latest proposal doubles publicly disclosed prices from $5 to $10 per score while adding new operational costs and risks for resellers.”

— Consumer Data Industry Association

What’s next

The Mortgage Bankers Association has asked the Federal Housing Finance Agency to allow for a single credit report and score if the FICO score is 700 or better. This proposal is aimed at encouraging competition among the credit bureaus to improve accuracy and lower costs.

The takeaway

The soaring costs of FICO mortgage credit reports are putting a significant financial burden on borrowers, especially first-time homebuyers. Reforms to increase competition, such as allowing single credit reports for borrowers with good credit, could help make mortgages more affordable and accessible for more Americans.