Credit scores are three-digit numbers designed to represent how likely you are to repay a lender on time.
Potential lenders and creditors look at your credit scores as one factor when deciding whether to offer you new credit. Lenders may also use your credit scores to set the interest rates and other terms for any credit they offer.
What is the highest credit score vs. a good or fair credit score? Credit scores typically range from 300 to 850. Within that range, scores can usually be placed into one of five categories: poor, fair, good, very good and excellent.
When it comes to your credit, your score is one of the most important numbers. But with three major credit bureaus – Equifax, Experian, and TransUnion – reporting different credit scores, it can get confusing. So which score do lenders actually look at? Is Equifax the middle score? Let’s break it down.
What is a Credit Score?
A credit score is a three-digit number calculated based on the information in your credit report It represents your creditworthiness – or how likely you are to pay back a loan on time,
Credit scores typically range from 300 to 850. The higher the number, the lower the risk you pose to lenders. Anything above 720 is generally considered excellent credit, while scores below 580 are seen as poor.
The Three Credit Bureaus
There are three major consumer credit bureaus that each calculate their own credit scores based on the data in your credit report:
- Equifax
- Experian
- TransUnion
While the scores have similar ranges, the formula each bureau uses is slightly different So you may have varying scores from each bureau.
For example:
- Equifax score: 700
- Experian score: 710
- TransUnion score: 680
This is why checking all three of your credit scores gives you a more complete picture of your credit health,
What is the Middle Score?
When you apply for a loan, most lenders will pull your credit report from all three bureaus. But they won’t base their lending decision on the highest or lowest score.
Instead, they will look at your middle score.
For example, if your scores are:
- Equifax: 700
- Experian: 710
- TransUnion: 680
The lender would base their decision on your Equifax score of 700, since that’s the middle or median score.
Basically, the middle score gives the lender a balanced perspective of your credit risk. It prevents your highest or lowest score from skewing their view of your creditworthiness.
Is Equifax Typically the Middle Score?
Whether Equifax is your middle score largely depends on your individual credit situation. But Equifax is often the median score for two reasons:
1. Industry Preference
According to mortgage data, Equifax scores are more commonly used than Experian or TransUnion in mortgage lending decisions. This means there’s a good chance Equifax will be your middle score when applying for a home loan.
2. Score Distribution
While by no means definitive, data also shows Equifax scores are more likely to be the middle score compared to Experian or TransUnion.
For example, in one analysis of thousands of consumers with scores from all three bureaus:
- 43% had Equifax as the middle score
- 29% had Experian as the middle score
- 28% had TransUnion as the middle score
So while not a guarantee, there is a tendency for Equifax to be the middle score more often purely based on industry preference and score distribution trends.
What is a Good Equifax Credit Score?
Since Equifax is commonly the middle score mortgage lenders look at, it’s important to understand what’s considered a good Equifax credit score.
The Equifax credit score ranges are:
- 800-850: Excellent
- 740-799: Very Good
- 670-739: Good
- 580-669: Fair
- 300-579: Very Poor
For the best mortgage rates, you’ll want your Equifax score to be at least 720. But scores of 670 or higher are generally sufficient for approval.
Anything below 620 will make getting a mortgage difficult and require you to pay higher interest rates.
How to Improve Your Equifax Credit Score
Here are some tips to boost your Equifax score:
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Pay all bills on time. Payment history is the biggest factor in your score.
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Lower credit utilization. Keep balances low compared to limits.
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Avoid new credit applications. Too many can lower your score.
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Correct errors on your report. Dispute any inaccuracies with Equifax.
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Become an authorized user. Ask to be added to someone’s account with good standing.
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Use credit builder loans. These demonstrate you can pay installments responsibly.
With diligence and healthy credit habits, you can maximize your chances of having a strong Equifax score in a pivotal middle position.
The Takeaway
While your three credit scores may differ, lenders will base lending decisions on your middle or median score. Industry preference and score distribution trends show Equifax is commonly the middle score. So maintaining a healthy Equifax score is wise, especially when seeking a mortgage. By understanding the role your Equifax score plays and taking steps to improve it, you can put your best foot forward with lenders.
What is a good credit score?
Theres no “magic number” that guarantees youll be approved for a loan or receive better interest rates and terms. However, in many popular scoring models, borrowers need a minimum score of 670 for their credit to be considered “good.”
Overall, the higher your credit score is, the more likely you are to appeal to lenders. Higher credit scores indicate that a borrower has demonstrated responsible credit behavior in the past. So, they also often receive more favorable terms and interest rates from lenders.
Credit score ranges—what are they?
Theres more than one credit scoring model available and more than one range of scores. However, most credit score ranges are similar to the following:
- 800 to 850: Excellent Credit Score Individuals in this range are considered to be low-risk borrowers. They may have an easier time securing a loan than borrowers with lower credit scores.
- 740 to 799: Very Good Credit Score Individuals in this range have demonstrated a history of positive credit behavior and may have an easier time being approved for additional credit.
- 670 to 739: Good Credit Score Lenders generally view those with credit scores of 670 and up as acceptable or lower-risk borrowers.
- 580 to 669: Fair Credit Score Individuals in this category are often considered “subprime” borrowers. Lenders may consider them higher-risk, and they may have trouble qualifying for new credit.
- 300 to 579: Poor Credit Score Individuals in this range often have difficulty being approved for new credit. If you find yourself in the poor category, its likely youll need to take steps to improve your credit scores before you can secure any new credit.
Equifax Gave YOU The Wrong Credit Score
FAQ
Is Equifax the main credit score?
Equifax: Which is most accurate? No credit score from any one of the credit bureaus is more valuable or more accurate than another. It’s possible that a lender may gravitate toward one score over another, but that doesn’t necessarily mean that score is better.
Which credit score is the middle score?
For example, if your three FICO scores are 680, 530, and 630 your middle score is 620.Jun 14, 2024
Which is more accurate, FICO or Equifax?
Do lenders look at TransUnion or Equifax?
What is a middle credit score?
The credit score in the center, is your middle credit score. For instance, a consumer that received the following credit scores of 675 from Equifax, 700 from Experian and 760 from Transunion would have a middle credit score equal to 700. myFICO.com. Which credit bureau score is usually the lowest?
Are TransUnion and Equifax credit scores the same?
The truth is, although both credit bureaus use the same credit scoring model and factors to calculate credit scores, your TransUnion credit score and your Equifax credit score will rarely be identical; in some cases, your TransUnion score will be higher, while in others, your Equifax score will surpass it.
What if my Equifax credit score is 600?
For example, if your Equifax credit score is 700 but your TransUnion credit score is 600, that should be a red flag indicating that you need to dig a little deeper. Someone could have opened a credit account in your name and run up a balance without your knowledge.
Is Experian the same as Equifax?
Equifax offers numerical credit scores that range from 280 to 850. 8 The bureau uses similar criteria as FICO to calculate these scores, but as with Experian, the exact formula is not the same. However, a high Equifax credit score typically indicates a high FICO score. Is Experian the middle score?
How does a credit bureau determine a middle credit score?
Each credit bureau may generate a different credit score based on variations in their scoring models and the data they have on file. To arrive at the middle credit score, the lender takes the three scores provided by the credit bureaus and selects the one that falls in the middle.
What is a middle FICO® score?
A middle FICO Score is a borrower’s second highest FICO Score among what the three major credit reporting agencies (Experian ®, Equifax ®, and TransUnion ®) report. This is the score mortgage lenders generally use when they qualify homebuyers for home loans.