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One part of your credit score is your credit utilization ratio. This measures how much of your available credit you're currently using. When you max out your cards, your credit utilization is high, and that lowers your score. Having too many hard inquiries on your credit report can also lower your score.

When you apply for credit cards or loans, the lenders will review your credit report and credit score, which is called a hard inquiry. Too many hard inquiries in a short amount of time hurt your credit because they make you look desperate for new credit.

If you've been the victim of identity theft, that may have damaged your credit. Preventing or spotting identity theft is one reason it's important to review your credit report regularly.

Look for accounts you didn't open or hard inquiries into your credit that you didn't authorize. You also need to monitor your credit history regularly to see if your credit and credit score suddenly change.

All these things may be indications of identity theft. With the rise in identity theft, many major credit card companies offer credit monitoring services. Equifax and Experian also offer credit monitoring services. If your personal data has been compromised, you may want to consider investing in credit monitoring until your accounts have normalized for a period of time. Upsolve Community Member If you' re looking to improve your credit score, options One is that inaccurate information can damage your credit history.

Beyond that, it is a myth that somehow your credit can be magically fixed without you changing your financial situation. Credit is something you build over time by paying your debts on time, keeping your credit utilization low by paying down debt, and keeping a good mix of credit. Credit repair services are often scams. If you find errors on your credit report, there is something you can do.

The Fair Credit Reporting Act protects consumers from having inaccuracies on their credit reports that damage their credit scores. You can report any errors or inaccuracies you find to the credit reporting agencies by sending a written statement disputing the debt.

Your written dispute might state that the balance owed is inaccurate or that you never opened the account. Once you submit your written documentation per the procedures of each credit bureau, the creditors have an opportunity to challenge the disputed inaccuracies.

If the errors are not successfully challenged and are not fixed, then you can hire a qualified consumer protection attorney and sue the credit reporting agency or agencies and the creditors that are harming your credit history.

Instead, different companies or lenders, who have credit scoring systems of their own, create them. Your free annual credit report does not include your credit score, but you can get your credit score from several sources. Your credit card company may give it to you for free. You can also buy it from one of the three major credit reporting agencies.

When you receive your score, you often get information on how you can improve it. Placing a credit freeze allows you to restrict access to your credit report. This is important after a data breach or identity theft when someone could use your personal information to apply for new credit accounts. Most creditors look at your credit report before opening a new account. But if you've frozen your credit report, creditors can't access it, and probably won't approve fraudulent applications.

You have the right to place or lift a credit freeze for free. You can place a freeze on your own credit files and on those of your children age 16 or younger.

Contact each credit reporting agency to place a freeze on your credit report. Each agency accepts freeze requests online, by phone, or by postal mail.

Your credit freeze will go into effect the next business day if you place it online or by phone. If you place the freeze by postal mail, it will be in effect three business days after the credit agency receives your request.

A credit freeze does not expire. Unless you lift the credit freeze, it stays in effect. If you want lenders and other companies to be able to access your credit files again, you will need to lift your credit freeze permanently or temporarily.

Contact each credit reporting agency. You'll use a PIN or password to lift your credit freeze. You can lift your credit freeze as often as you need to, without penalties. It takes one hour for a lift request to take effect if you place it online or by phone. It can take three business days if you request the lift by mail.

If you find errors on your credit report, write a letter disputing the error and include any supporting documentation. Our financial wellbeing has a significant impact on our physical and mental health — and yet few of us take the time to do a proper warrant of fitness check on our credit worthiness.

Knowing your credit score, understanding it, and checking it regularly is a critical part of staying in shape financially. With that in mind, we thought it was timely to bust some of the myths that surround credit scores to help you on your way to becoming more financially fit. The Covid crisis is affecting many aspects of our lives, and protecting your credit is a critical part of navigating these challenging times.

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