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Simply put the middle score is the credit score from all three bureaus, Equifax, Experian and TransUnion that is in the middle. For example, if you had a score of 580 with TransUnion, a 622 with Equifax and a 634 with Experian, your middle score would be the score that was 622.
How is this done?
Each bureau has their own formula for generating a credit score from the data on your credit report. Your credit history compiled by each bureau is used to create this score. Since they each use their own formula, you need to see each of their reports. Now that you have the three scores, look at the one in the middle. That's the score the lenders look at.
Why is this important?
Lenders use the middle score from the three bureaus to see if you are a good risk. That's why this particular score is so important. So it doesn't matter which bureau is in the middle. Just whatever that score is, you want the number to be as high as possible.
Since lenders use this middle score to figure your creditworthiness, you can understand why it can make or break your loan approval. So if you are a first time home buyer, be sure to get a copy of your credit report from all three reporting bureaus. See what scores they give you and pay attention to the score in the middle.
If that score in the middle is not very high, then you need to compare the three reports you have and see how they are different. Perhaps there is incorrect information on one or two of them. Then take the time to clean those reports so your score will be higher.
If you see there are debts reported that you have paid off, then you will need to dispute this so that the credit bureau is reporting your information accurately. Remember, there are a lot of people in this country for these bureaus to keep reports on. Sometimes they are slow at getting all the information reported correctly. At other times it is the creditor who is slow at reporting to the credit bureaus that your debt has been paid. So be proactive, make sure the information reported is correct. Now you can be sure you have have a high middle score that will enable you to qualify for the best loan option out there.
Now you can understand why it is so important to know your middle score. It is just as important to raise that score if you find that it is just too low. Be diligent and work on improving your scores before applying for a loan.
You can find tons of information out there to help you improve your scores. They do take time and lots of effort but it will save you money in the long run! So don't let it overwhelm you, just jump and begin one step at a time.
Credit reports are not hard to obtain today. Once a year you can get a copy of your credit report for all three for free. So take the time to get all three scores and see for yourself what your middle score is.
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