Trimerge Credit Report

Edwards Finance > Credit Check

Q. If I can order my credit report from Experian for $8, why do lenders charge a $50 to $60 credit report fee when applying for a home loan?

A. The Trimerge credit report obtained for $8 is a simple infile credit report from a single repository. As a repeat customer, I can obtain one with credit scoring for less than $5. The more costly report needed to submit your loan to a Fannie Mae investor; or to qualify you as creditworthy to an individual lender is a tri-merge; which collates data from at least 3 repositories; such as TU, TRW, and Equifax and costs me $50 or $60. Remarkably, at $50 or $60; a lender has very little profit margin built into your price, because you are not simply paying for the report itself, but also for the expertise of an analyst and a processor who will interpolate the data on your report, and frequently work to challenge inaccurate or outdated entries. Don't sweat the little stuff. Instead, see if you can qualify to reduce the term of your loan from 30 to 15 years. Doing this will save you about $80,000 in interest per $100,000 borrowed.

Ask Edwards a Finance Question

Other Questions:

Student Loans No Credit Check

I have a problem. I just graduated from college last year, and my parents put me through school with PLUS loans. I promised that I would pay for the loans once I graduated, even though the loans are in my mother's name. I am unemployed, and...

Just a general question to all Landlords out there, what Tenant Credit Check Services are you using and what are the associated fees? I am just starting out & need a decent web-based credit check site.I've had good luck with AmerUSA ($20). This...

I live/work in USA. I'm on work permit here in USA. I cant have social security number. I never applied for credit. My husband, who have social security number have applied for credits here and there. But I dont have social security and I nev...

I phoned up to apply for a personal loan today, not because I want one but because someone suggested it as a good way to find out if you have a good or bad credit rating. I was quoted 6.1% APR at the start of the call, then full details were ...

I just asked for ours today... I think it's nationwide in U.S. free at http://annualcreditreport.com - actually, you can get one from each free each year... anyhoo, although I always believe there will be no surprises, there have always be...

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects