Florida Based Credit Repair Company Explains Loans and Credit Scores

Why Did My Credit Score Fall After Paying My Loan?
As with many things dealing with credit lenders, this looks pretty counter-intuitive. One would think your credit score should go up if you’re paying your debts off.

Unfortunately, this isn’t always the case. The credit score system is a complex monster that takes many factors into account when generating your credit score, and there is any number of reasons that your credit score may have dropped instead of risen.

Common Reasons For A Lowered Credit Score After Paying A Loan
There are two general reasons why your credit score might have declined after paying an installment on your loan. These are:
•   Different Credit Scores: Three credit bureaus handle your credit score, Experian, TransUnion, and Equifax. Some lenders do not report to all three of these, so your credit score from one bureau may differ, and your overall average between the three can also be different. Contact your lender to see which credit bureaus they report your account through.
•   Outside Credit Impacts: Your loan alone is not the only thing reporting to the credit bureaus. If you’ve recently opened a credit card, rent-to-own account, line of credit, advance, or store credit account – or if you have newly acquired higher charges on any of these – your credit score may be affected.

Another factor that may lower your credit score is paying off a loan entirely. It is possible that, by paying off the entire loan amount and thereby closing the account, your overall available credit has declined, adversely affecting your credit score.

When To Contact The Credit Repair Enforcers Experts
Credit Repair Enforcers has experience tracking down and eliminating false credit information that may be dragging down your credit score. If, for instance, you have an old medical bill that insurance should have covered but denied without reason, a professional credit repair company can locate and help eliminate the delinquent or derogatory charge.

If you still have problems figuring out why your credit score continues to fall, contact Credit Repair Enforcers today, and get it taken care of sooner rather than later.

About CreditRepairEnforcers.com:
Get the benefits and experience of a firm that concentrates on helping people with credit problems without paying huge setup fees. Credit Repair Enforcers has successfully removed erroneous, unverifiable, outdated, and inaccurate information from our client's three credit reports for over 20+ years. We assist with all things credit repair and credit building. We have helped people who need assistance with personal, business, and corporate credit repair and credit building. Credit Repair Enforcers fight for your credit rights!