What is the impact of loan forgiveness on my credit score?
An example of an AI chatbot conversation about loan forgiveness and its effects on credit scores.
What is the impact of loan forgiveness on my credit score?
Loan forgiveness can have varying effects on your credit score, depending on the type of loan and your payment history.
Will my credit score drop if my loans are forgiven?
Not necessarily. If your loans are forgiven, it may not directly impact your score, but it could affect your credit utilization.
What if I was in default before the forgiveness?
If you were in default, the forgiveness might help improve your score by removing negative marks, but it depends on your overall credit history.
Are there any long-term effects I should be aware of?
Yes, while forgiveness can improve your score, it may also affect your ability to borrow in the future, as lenders consider your repayment history.
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