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Question
Credit Score dip with student loan payoff - Why?
I paid off an old student loan with the US Dept of Education that had been in collections more than a decade. After I paid it off, it showed on my credit report (hasn't been there in a while), and my score dropped 25 points after doing the right thing (making all payments and paying it off). Why?
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phnxangell
1 year ago
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Never pay collection agencies....they are the scum of the earth and will damage your credit anyway.
mohit062005 1 year ago
The collections agency for this type of student loan is the US Department of Education. It isn't a typical collections agency that you have with most.
phnxangell 1 year ago