Missouri homebuyers could soon see relief from rising mortgage costs as Senator Josh Hawley takes aim at what he calls excessive pricing by credit scoring giant FICO. In a recent move, Hawley launched an investigation into the company’s pricing practices, citing concerns that sharp increases in credit score fees are contributing to housing affordability challenges, particularly for first-time buyers.
According to Hawley’s office, FICO recently doubled its per-score fee from $4.95 to $10.00, a more than 100% increase in just one year. Since most mortgage lenders rely on FICO scores for underwriting, and borrowers often have multiple credit pulls during the loan process, these added costs can quickly add up. Industry estimates suggest this single price hike could increase total mortgage-related costs by roughly $500 million annually, with those costs ultimately passed on to buyers.
Hawley also pointed out that FICO is used by about 90% of lenders and has long held a dominant position due to its exclusive acceptance by Fannie Mae and Freddie Mac for conforming loans. He argues that this lack of competition has allowed the company to raise prices aggressively, noting that FICO has reported operating margins of 88% and significant growth in per-score pricing over the past five years.
For St. Louis area buyers, especially those entering the market for the first time, even modest increases in upfront costs can impact affordability. Higher credit report fees, combined with already elevated home prices and interest rates, may make it more difficult for buyers to qualify or move forward with a purchase. This is particularly relevant in a market where buyers often shop multiple lenders, triggering several credit checks along the way.
Hawley has formally requested that the Federal Trade Commission investigate FICO for potential anticompetitive behavior. If regulators take action, it could eventually lead to more competition in the credit scoring space and, potentially, lower costs for consumers. For now, buyers should be aware that these fees are part of the overall cost of obtaining a mortgage and can vary depending on the lender and loan process.
Source: Press release from Senator Josh Hawley’s office, March 23, 2026
