Mortgage Paid Off and Impact on Credit Rating

si_74

I find this very odd.

I paid my mortgage off last month....and now my Equifax credit rating has taken an unprecedented hit because of it. I have zero other debts.

It doesn't really matter, my rating would still be plenty high enough if I needed to use it....and I sort of get that if I'm not paying a mortgage off then there is one less thing to monitor my credit behaviour. But HELLO, I've paid my mortgage off 12 years early, surely that's a positive thing for my credit record and it seems a bit ridiculous that it is not viewed that way.

Mark_d

You have been responsible for your borrowings in the past but that is no guarantee that you remain equally as responsible.

flaneurs_lobster

Are you referring to your Equifax credit "score"? It's a marketing tool, designed to make you take up one of the many credit products puffed on their website so that you can "rebuild" your "score" back to whatever the made-up number was before. 
You are the only person who sees that number, it's irrelevant to any third party.