In the world of personal finances, there are certain habits that can hurt your credit score. A credit score can be essential to good money health. But these magic three-digit numbers kicked out by the scoring agencies are usually different for the same individual, who has just a single set of borrowing data. The agencies apply their own formulas to your numbers. You can keep your score on the upside by avoiding a few bad habits.
These are the habits that can hurt your credit score:
5.) Lack of Attention
Many people don’t trouble themselves with attention to their own credit report. But with credit scores, ignorance isn’t bliss—it’s important to keep up with this information.
Not paying attention to your credit report might leave you at risk of dentity theft, which will hurt your credit score.
Somebody could borrow under your name and fail to repay it. This could hurt your credit history, and if you do not look at your score, you won’t be able to act on the theft immediately.
Pull your own credit report; a federal law requires the credit bureaus to provide it for free at least once a year. Study the entries on the report, and contact the agency to correct any errors. A good, hard look at your credit history may change your borrowing habits for the better.