How, why and when to check your credit score

While you can do so more often, you might need to look over your credit reports only once or twice a year. Kaplan suggests using your credit score as a sort of warning system. If you see a

sudden drop in your score that’s larger than a few points, that’s a sign that something is seriously wrong. When you see something that doesn’t look right, Kaplan says it’s crucial to

contact the credit reporting company. Under federal law, you have a right to dispute information you suspect is inaccurate, and the credit reporting company has an obligation to investigate

and inform you of the result — including any corrections they make to your report. (The CFPB offers a step-by-step guide on how to dispute an error on your credit report here.) “We have a

robust resolution system that is governed by federal and state law,” industry group official Ellman says. “We are required to resolve these disputes in 30 to 45 days, depending upon the

circumstances. And most are resolved in far less.” WHEN AND HOW TO FREEZE YOUR CREDIT Experts often recommend that consumers who are not at a point in their lives where they’re actively

seeking credit (many older people, for instance) protect themselves from fraud by putting a security freeze on their credit, which restricts access to your credit history and makes it harder

for identity thieves to open new accounts in your name.  Consumers whose credit information is not likely to be needed in the foreseeable future, “should just freeze it and be done with

it,” Kaplan explains. Since 2018, federal law has required the three nationwide credit reporting companies to freeze and unfreeze credit records at people’s request for free. Once you

request a freeze online or by phone, the agency has to restrict access to your credit within one business day. If you ask to have it unfrozen, the company has to lift the freeze within one

hour if you request online or by phone. (You can make the request by mail as well, but it takes up to three business days from receipt to freeze or unfreeze your credit that way.) To freeze

your credit, you must contact all three credit reporting agencies. Here are instructions on how to do it from Experian, Equifax and TransUnion. A security freeze doesn’t completely block

access to your credit history, Griffin notes. Your existing lenders can still access it, and so can employers, landlords and insurance companies if you’re seeking a job, trying to rent an

apartment or applying for a new insurance policy. It’s also possible to lock your credit, which is different from freezing because you can lock and unlock your records yourself. But to get

that ability, you may have to pay a monthly fee, according to CFPB’s website. WHEN YOUR LOW SCORE ISN’T DUE TO FRAUD “The best way to build and maintain good credit and a high credit score

is to practice positive credit habits consistently,” financial educator Maliga says. That includes paying bills on time every month, avoiding carrying a balance and limiting your credit

utilization to 30 percent or less of what you’re eligible to borrow.