The Problem

In 2023, credit bureaus increased the cost of tri-merged credit reports. Reports that once cost $30-$40 for joint borrowers now range from $65 to $100. Like any business, we faced a choice: either raise rates to absorb this increase or pass the cost directly to those who use the service.

The Solution

We opted to pass the cost directly to you, and here’s why:

Charging this small fee upfront ensures you aren’t paying higher rates and fees to cover others who apply but don’t proceed. This approach is fair, transparent, and allows you to benefit from the lower rates Ritter is known for.

The Benefits to You

By paying the credit report fee upfront:

• 💰 You save money. Our rates are consistently lower than other banks and lenders—saving you $50 or more per month compared to competitors.
• 💡 Lower costs. Our service is free to shop numerous lenders on your behalf, potentially saving you thousands—or even tens of thousands—of dollars.
• 🛠️ Access to wholesale rates. We shop dozens of lenders to secure the best deal for you. On average, we work with 26 lenders annually, with no single lender accounting for more than 26% of our business. This ensures you’re always matched with the most competitive lender in the market—without any guesswork on your end.

In short, this approach helps you save money upfront and monthly while we handle the hard work of finding your perfect mortgage.

Addressing Concerns

• The Cost: The credit report fee is modest: $65.90 for single borrowers or $85.80 for joint borrowers.
• Payment Timing: We only collect this fee securely after receiving your authorization to pull your credit. There’s no obligation to pay this fee when completing your application or receiving advice. Just give us a call—we’re happy to answer your questions.
• No Profit: We don’t profit from this fee. It’s billed directly to the credit provider, and lending laws prohibit us from collecting any other fee before issuing a Loan Estimate. The charge will appear directly on your statement from the credit bureau.