How will a refinance on my loan impact my credit report?

When you successfully refinance your loan, your credit report may look different. That’s because once you complete your refinance, you will have closed your original loan and opened a new loan. We report this to the credit bureaus monthly in a file that includes the latest information on your account.

We suggest you reach out to each bureau for more information about how opening and closing of accounts affects your credit score, as this information may vary from bureau to bureau. If you refinance through the OppLoans Platform, you will continue to only have one active loan account serviced by OppLoans.