Brandon (.
My credit score has gone down since…
My credit score has gone down since doing what you guys have told me what to do. Appreciate it
Response from Student Loan TutorAug 19, 2020
Hello Adam, In addition to this reply, your Tutor and Processor have also reached out to answer any questions that may arise. This reply isn’t just for you, it’s for anyone with student debt worries about the same issue. First let me start off by saying that credit scores are very important and we fully support understand and appreciate that. It is very unfortunate that it appears that your credit had “gone down,” since the working with us. If in fact it has gone down, I can assure you that it has nothing directly to do with your student loan repayment strategy. This can be confirmed here on the Department Of Education's website: https://studentaid.gov/manage-loans/repayment/plans/income-driven/questions Bear with me as I explain some possible options of what may be happening to make it appear this way: 1. A third party site such as Credit Karma that uses simple algorithms to estimate a credit score may be reading your new loan servicer or reduced payment amount as if it were a “New Loan,” this is not the case and is an error if their algorithm. It will likely auto-correct as it is possible the other servicer reported your loan payment on the same month as your new loan servicer. In addition there may be a month where both of your servicers, your previous one and the current one, report the same balance and the same payment which Credit Karma would read as 2 loans temporarily. I can assure you that any lending agency or underwriter seeking to offer you a loan or credit would not make the same mistake. I would recommend pulling your credit here: https://www.annualcreditreport.com/index.action and you can see that you have only one loan. 2. Your credit may have gone down for another reason that you may be attributing to working with us that happened at the same time. We can look over your credit report with you and show you if that is in fact the case if you're having trouble making sense on the credit report that you receive. 3. The servicer is erroneously reporting your loan twice, with 2 loan payments and 2 loan balances. If you see this happening on your credit, we can assist you in fixing this, and we would cover with our services. *The simplest reason is often the correct one and my best guess before speaking with you is that you’re using credit karma or another credit reading app that is reading the new loan servicer as a new loan. These apps are not lenders and are providing a “credit estimate.” Feel free to confirm all that I am saying with a loan officer or mortgage broker and they can confirm this as accurate. Often times Credit Karma and sites like them can be off by as much as 100 points on a credit score. Lastly. If in fact it has dropped, you may be able to participate in a class action suit. Here’s Fox News chiming in on the CARES Act that went into effect during the Covid19 Pandemic. https://www.google.com/amp/s/www.marketwatch.com/amp/story/up-to-5-million-student-loan-borrowers-may-have-had-their-credit-scores-drop-after-the-cares-act-paused-student-loan-payments-its-another-battle-to-have-to-fight-2020-05-22 I hope this helps you and others. Again I can assure you that although it may appear otherwise, you working with Student Loan Tutor does not and will not negatively affect your credit score. Sincerely, Student Loan Tutor Team