2025 Credit Report Spike: What You Need to Know!

INDUSTRY
Credit Report Costs Skyrocket

🚨 Credit Report Costs Set to Surge in 2025 – Here's What It Means for You!

In breaking news for the mortgage industry, credit report costs are projected to rise significantly in 2025—by as much as 40%! At GTG, our average 3-bureau credit report currently costs around $72, but if these increases hold, we could be looking at costs north of $100 per report.

🔍 Why Are Costs Rising?
This isn’t the first time we've seen hikes like this. In fact, credit report costs have been steadily climbing over the past few years due to changes made by FICO and the three major credit bureaus (Equifax, Experian, and TransUnion). Back in 2023, prices jumped by as much as 400% for certain reports. And in 2024, soft credit pulls went from about $10 to $50—a fivefold increase!

The coming increase in 2025 appears to be driven by similar adjustments:

• FICO is expected to raise the price of mortgage credit scores from $3.50 to at least $5 per score (that's $15 for a tri-merge).

• Credit bureaus are implementing their own hikes, pushing tri-merge reports for joint borrowers closer to $100.

💡 What This Means for Borrowers
The higher costs will likely trickle down to borrowers, further increasing the price of getting a mortgage. For real estate agents and loan officers, these changes underscore the importance of educating clients about why their upfront costs might look different compared to a few years ago.

🏡 What’s Next?
At GTG, we’re committed to transparency and staying ahead of the curve. We’ll continue to monitor these changes and work to minimize their impact on our clients.

👉 Key Takeaway
Now more than ever, it’s important to plan ahead, stay informed, and factor in these changes when discussing loan scenarios with clients. As always, we’re here to answer questions and help navigate the complexities of the mortgage world.