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Blend launches soft credit pull function for lenders

Mortgage tech company Blend has launched a soft credit inquiry function for lenders at a time when the industry is facing higher credit report fees. 

Credit bureaus and Fair Isaac Corp. (FICO) upped the cost of pulling a hard credit file starting in 2023. In some cases, the costs have increased by four to five times what they were previously.

“With Blend’s soft credit functionality, lenders can expect to save about $50 per file for borrowers at this high-attrition stage of the process,” the company said Tuesday.

Blend noted that lenders who adopted soft credit details ⇒

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