Homebuyers are paying more for mortgage credit checks. Here’s why

There’s a line item in homebuyers’ closing costs that’s causing a clash in the mortgage industry: the fee for lenders to check borrowers’ credit.

While the charges — typically in the tens or hundreds of dollars — represent a tiny slice of the amount that buyers pay when a home purchase is finalized, the cost has risen sharply in recent years. Costs in 2026 could rise an average 40% to 50%, according to a Dec. 12 letter from the Mortgage Bankers Association to Federal Housing Finance Authority Director Bill Pulte.

The trade association asked the FHFA to give mortgage lenders the option of relying on a single credit report instead of three — known as a “tri-merge” report — for borrowers with a credit score of 700 or higher.