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Depending upon how the loans are consolidated, it could read that the loans were refinanced or it could just say that they were paid in full. One final advantage of consolidating student loans is that it can often lower your monthly payments.This helps borrowers who are looking for new lines of credit as it will improve their deb-to-income ratio.
Unfortunately, not all borrowers see an increase in their score.
One factor that determines credit score is the number of lines of credit that are open.
If consumers have too many, their score will go down.
With that much money at stake, worrying about what Equifax or Trans Union thinks seems a bit silly.
The one exception would be for borrowers who are looking to purchase a home in the near future.