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Question By
Aptw1999

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Why does my credit history go down when my bank sells my mortgage to another bank?
My mortgage was previously held by a bank that sold the loan to another bank. Looking at my history, I have never missed or been late on a payment, the loan is the same loan, no additional money's taken out. Why does my credit get affected? I cannot control who holds the loan, so why should I be impacted unless I do not fulfill the conditions of that loan. Again, no missed or late payments over the life of the loan, just a different company holding the paper!

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Your "average age of accounts" drops when a new account is added, even though it is for the same loan they are different accounts. This is not fair to consumers and something needs to be changed. I am sorry, but I don't believe there is anything that you can do about this.

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