If you have student loans, they will appear on your credit report. It’s normal to see multiple student loan accounts listed, even if it seems like more than you expected.
Review any correspondence or details from your loan provider carefully.
New loans may appear on your credit report each time your school disburses financial aid, which could occur each semester. If you’re still in school and have questions, contact your financial aid office.
If you believe there’s an error on your credit report after reviewing all information, you can file a dispute online with TransUnion.
Credit reports are updated when lenders submit new data to credit reporting agencies, with changes typically reflected monthly, though timing varies by lender. Learn more about understanding your credit report.
It may seem surprising when your credit score drops after paying off a student loan. This can occur because closing a loan reduces your active credit accounts, and a diverse mix of active credit is generally viewed positively. When a student loan is paid off and removed from your credit report, this change can temporarily lower your score.
Consistently paying your student loan on time builds strong credit, and fully paying it off is a significant accomplishment worth celebrating. Your credit score is just one aspect of your financial health, and these temporary dips are typically quick to recover from.
Understanding what influences your credit score makes it much easier to interpret credit checks. Discover more insights and tips at the Finance Monitoring Guide.
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