For many homebuyers, getting ready to purchase a home means saving for a down payment, organizing documents, and watching interest rates. But there is another cost quietly rising in the background—one that borrowers usually don’t discover until they are deep into the mortgage process.

According to Ben Lucero, President of Indigo Mortgage in Albuquerque, the nation’s three major credit bureaus—TransUnion, Equifax, and Experian—have dramatically and repeatedly increased the cost of obtaining a mortgage credit report. Because these three companies hold a monopoly on mortgage credit reporting, their decision to raise fees has a direct impact on every borrower applying for a home loan.

In just four years, the price of a single borrower’s credit pull has risen a staggering 500%, and another increase is already scheduled.

Ben calls this new environment “the Wild West of credit reporting,” and he believes borrowers must be informed about what’s happening and why.

A Monopoly Without Oversight: Why This Matters

In most industries, consumers have choices. If a company raises its prices too high, people can simply choose another provider. But in the mortgage world, lenders cannot choose alternative data providers. They are required to use credit reports from these three specific bureaus for mortgage qualification.

That means the bureaus control the supply—and the price.

“When you only have three companies providing a required service, that’s not competition—it’s a monopoly,” Ben explains. “And because there are no guardrails or regulatory limits on what they can charge, we’re seeing the effects of that lack of oversight.”

For years, the credit bureaus relied on selling “trigger leads” as an additional revenue stream. This meant that when a borrower applied for a mortgage, their personal information was sold to outside lenders and marketing companies who would then aggressively solicit them. Ben has long spoken out about how harmful and invasive this practice is for borrowers.

In 2026, new regulations will finally outlaw the sale of trigger leads—a major win for consumer protection, but a major financial loss for the credit bureaus.

And their response has been simple:

Raise prices again.

The Shocking 500% Cost Increase

Here is how dramatically the cost of pulling a mortgage credit report has risen:

• Four years ago: $15 per borrower
• Then increased to $25
• Then jumped to $75
• Today: $95
• New 2026 increase: $125 per borrower

For couples or co-borrowers applying together, that means up to $250 upfront, simply to view credit history—not for underwriting, not for the loan, not for the appraisal. Just the report.

“Borrowers should know these fees aren’t coming from lenders,” Ben adds. “Lenders aren’t profiting from this. We are required to pay whatever the bureaus charge, and those costs are now too high for lenders to absorb.”

This sudden and drastic escalation is unprecedented in mortgage lending. No other part of the mortgage process has increased this aggressively, this frequently, or with so little justification.

How These Costs Affect Homebuyers in 2026 and Beyond

Rising credit-pull fees affect more than a borrower’s wallet. They influence shopping behavior, lender policies, and the overall experience of getting a mortgage.

Ben outlines several key impacts:

1. Paying for Your Credit Pull Upfront Will Become the Norm

Because credit pulls are now so expensive, most lenders—including Indigo Mortgage—must collect this fee before pulling credit.

In the past, lenders could absorb the cost of multiple borrowers shopping around. But with fees approaching $250 for a couple, doing this repeatedly is no longer realistic.

2. Borrowers Should Be Strategic When Shopping for a Mortgage

Ben encourages borrowers to interview lenders before authorizing a credit pull. Compare programs, fees, customer service, and experience.

A credit pull should happen once you have chosen a lender you trust—not before.

3. Local Lenders Provide More Transparency Than National Call Centers

Large national lenders may bury these rising fees inside fine print, or pressure borrowers into quick applications before explaining costs.

Indigo Mortgage has always taken a more transparent approach.

“We tell borrowers upfront what they’re paying for and why,” Ben says. “We educate them on the process rather than rushing them through it. That’s the difference with a local, reputable mortgage company.”

4. These Increases May Create Confusion for Borrowers

Most consumers are accustomed to free credit pulls for auto loans, credit cards, or personal loans. Mortgage credit reports are different—they pull from all three bureaus and require a more detailed score model.

When borrowers hear that a mortgage credit report costs $125 per person, they often assume the lender is adding extra fees. Ben hopes this blog will help clarify where the costs truly originate.

Why Ben Lucero Continues Speaking Out

For more than 20 years, Ben Lucero has been an advocate for mortgage education in New Mexico. He believes transparency is essential—not just because it builds trust, but because real estate is often the largest financial decision a person makes.

Ben has consistently warned borrowers about issues in the credit-reporting industry, from data sales to predatory solicitation to unexplained price jumps.

Now, with costs surging again, he believes consumers must be informed more than ever.

“Borrowers deserve to understand how these credit bureaus operate,” he says. “They deserve honesty about where their money is going. When we educate people, we empower them to make better decisions.”

His mission is simple:

Make the mortgage process as fair and transparent as possible for New Mexicans.

How Indigo Mortgage Helps Borrowers Navigate These Changes

Despite industry-wide fee increases, Indigo Mortgage continues to focus on affordability, education, and customer service.

Here’s what sets them apart:

Honest and upfront cost explanations

No hidden fees. No pressure. No surprises.

Guidance from a trusted local team

Ben and his staff know New Mexico’s market better than any online lender ever could.

Programs for all types of borrowers

Including first-time buyers, VA loans, conventional loans, and refinances.

Personalized service—not a call-center experience

Borrowers speak directly with licensed loan officers who care about their success.

A reputation built on transparency and integrity

Indigo Mortgage has served New Mexico for decades with a commitment to doing what’s right for the borrower.

Have Questions About Credit Pulls or the Mortgage Process? Indigo Mortgage Is Here to Help.

If you’re planning to buy a home in 2026, refinance, or explore mortgage options, Ben Lucero and the Indigo Mortgage team are ready to guide you.