Tri-Merge Saves Money for Borrowers

When it comes to making homeownership more affordable, the tri-merge credit reporting standard is one of the most cost-effective protections working families have. For just about a hundred dollars – a small fraction of total closing costs – the tri-merge report gives lenders, borrowers, and the broader market a complete, consistent picture of a buyer's creditworthiness. Eliminating it in favor of a bi-merge or single-score requirement wouldn't simplify the process; it would hurt borrowers and open the door to score shopping. 

That shift comes with a price tag. Research shows that, on average, less accurate credit data can cost the average borrower up to $5,000 more over the life of their mortgage.