What is a "Middle Score"? How do lenders use this?
Why is this credit score so important?
What is a middle score? Learn how lenders look at this when they consider the 3 credit scores and why.
Mortgage Lenders Use This How?
Mortgage lenders pull credit reports from all three bureaus, Equifax, Experian and TransUnion. Then they compare the 3 credit scores. For instance, I had a client who was buying a four-unit, he had a 580 with TransUnion, a 622 with Equifax and a 634 with Experian, thus the score in the middle was 622.
Mortgage lenders use this score to determine your creditworthiness.
If that credit 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. You can do this yourself by doing a little credit repair.
Today it's not hard to obtain a copy of your credit report from all three agencies. So take the time to see what your credit score in the middle is!
Understanding how credit scores work is the beginning of the mortgage process. Know your credit scores before you apply for a mortgage. Many free details found on this page.