FHFA director says American consumers 'must be protected' amid rising backlash to fees associated with credit reports
Federal Housing Finance Agency (FHFA) director Bill Pulte criticized FICO (Fair Isaac Corporation) Tuesday and suggested the agency could act in the coming weeks about the rising cost of credit pulls.
Responding to an X post highlighting how credit pull costs – the fees associated with lender checks on credit scores – have soared, Pulte expressed his continuing discontent with FICO, a credit reporting giant whose pricing has frequently drawn the ire of the mortgage industry.
“Still not happy with FICO,” Pulte wrote. “We should be making some decisions on all related items in next 1-3 weeks.” The director, who also oversees government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, later added, “American consumers must be respected.”
Pulte was replying to a post sharing a Broker Action Coalition (BAC) graphic about changes in average credit pull costs since 2023. Prior to that year, credit companies were prohibited from charging over $14.50 per credit report – but a single credit pull could now cost up to $80, the graphic showed, and more than $100 for two-person reports.
Thanks for input. Still not happy with FICO. We should be making some decisions on all related items in next 1-3 weeks. https://t.co/LVWbakgl2S
— Pulte (@pulte) May 27, 2025
“Lenders will pass these costs to their borrowers,” the BAC said, “who are already facing housing affordability challenges.”
Last week, FICO shares sank to their lowest value for over five years after Pulte expressed disappointment at the company’s cost increases and hit out at the fact that some credit pulls “cost double” under the Biden administration compared with during the first Trump presidency.
Pulte has also mulled a change in underwriting regulation to require reports from just two of the major credit bureaus instead of three.
The BAC’s chief advocacy officer Brendan McKay said on LinkedIn that Pulte’s interaction with the post served as “a signal that regulators are paying attention – and that when the industry organizes around a clear, reasonable message, it resonates.”
Mortgage industry associations including the National Association of Mortgage Brokers (NAMB) have long criticized surging credit pull costs including higher wholesale royalty mortgage origination fees.
The association’s president Jim Nabors described costs as “just way too high” and “almost predatory” in a February interview with Mortgage Professional America, suggesting that borrowers should be entitled to a free credit report once a year.
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