Do student loans affect credit score? Tom Aliff explained how credit score affects credit score and how the postponement of student loan payments boosted the credit score of millions of borrowers.
Do student loans affect credit scores? (Photo: Doximity’s Op-Med)
Do Student Loans Affect Credit Score?
Do student loans affect credit score? and if so, does it affect negatively or positively?
According to CHASE, student loans can negatively affect your credit score. But, it will only be negative when one borrower fails to pay in a timely manner. A single missed payment can decrease your score and this stays on your credit report for seven years.
To answer the initial question “Do student loans affect credit score?” It can be both negative and positive. A single miss would affect your credit score negatively. However, if you pay your student loans on time, it would improve your credit score significantly.
READ ALSO: Data Reveals Why Renting Is Cheaper: Here’s The Reasons Why
Do Student Loans Affect Credit Scores After the Postponement of the Payment of Student Loan?
Do student loans affect credit scores due to the postponement of the payment of student loans?
According to Yahoo Finance, Tom Aliff, a risk advisory leader at Equifax answered this question and stated that the credit scores of millions of borrowers may have been boosted due to the postponement of the payment. In other words, the postponement may affect credit scores positively.
