Consumer complaint received 2020-06-10
Company: Experian Information Solutions Inc.
State: TX
Product: Credit reporting, credit repair services, or other personal consumer reports
Sub-product: Credit reporting
Issue: Incorrect information on your report
Sub-issue: Information is missing that should be on the report

Complaint:
This is a request to update how the credit system works. This happens to millions of Americans every year. 
someone pays off a car, personal loan or a mortgage and their credit score takes a drastic hit. Or has a home loan for many years and refinances for a better interest rate. First, people get dinged for a hard credit check for the refinance, then another ding on credit history when the original home loan is paid off. Finances get better but credit scores go down. 
It is possible to put in a new algorithm in place that takes all of this into account. People work hard to pay off loans and even harder to pay them off early. Accounts get closed but just as if someone had a bankruptcy or late payment which stays on for 7 years, on-time & early payoffs should be a positive mark that stays on for a number of years as well. The system should be smart enough to see if someone has paid a long-term loan off or refinanced. 
Everything is a quick ding to credit scores. Credit scores go down quick ( sometimes for no good reason ) and takes a long time to recover. This is fine for late payments, bankruptcy, etc. but not for Americans/Consumers who have worked hard to pay off a loan or harder to pay it off early. 
I am XXXX years old. I have had a credit score over 800. It was XXXX during XXXX of last year and it is now XXXX. There really isnt a good reason either. Ive had perfect payment history, my income debt ratio is very low, I pay off my credit card just about every month. Im paying off my truck loan in XXXX and expect my credit score to drop again. I had a {$37000.00} that started on XXXX. I will pay it off in a little over 3 years. That should be a + for early payoff, not a ding because that loan is closed. ( Possibly just credit history needs a rehaul. ) Derogatory marks can stay on your credit report for 7-10 years ; I do not have any. I've had credit for at least 30 years but yet my credit history says " 5 years, 9 months. If a derogatory mark can stay on for 7-10 years, why cant positive items? And have your credit reflect that. 
Where does this change start? Im sure a post on XXXX and/or some other social media site would quickly gather an overwhelming number of signatures. But would your organization petition or request a possible review/change to the credit bureaus? Or does that need to come from congress or somewhere else? 
In summary, people who work hard to pay loans off and it is very apparent when people have outstanding credit history. Why should consumers continue to get dinged for paying of major loans on time or early? And why does a credit check ding your credit score?  Shouldnt it matter where the inquiry at least comes from? I have 3 inquires from XXXX on XX/XX/XXXX. On XXXX, it counts for 3 and another from XXXX XXXX which may have been from XXXX as well. I have no idea. 

Thank you so much for your time and consideration and hope to hear back. 
XXXX XXXX ( XXXX XXXX XXXX

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation