What happens to my credit score if I default on a loan?
An example of an AI chatbot conversation about the impact of defaulting on a credit score.
What happens to my credit score if I default on a loan?
Defaulting on a loan can significantly lower your credit score, often by 100 points or more.
How long does a default stay on my credit report?
A default can remain on your credit report for up to seven years, affecting your creditworthiness.
Can I recover my credit score after a default?
Yes, you can recover your credit score by making timely payments on other debts and managing your credit responsibly.
What steps should I take if I think I might default?
If you think you might default, consider contacting your lender to discuss options like deferment or restructuring your loan.
Are there any immediate actions I should take after defaulting?
After defaulting, review your credit report, communicate with your lender, and create a plan to manage your finances.
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