You might hear about using a credit lock or credit freeze as a tool to preserve your credit profile. Fortunately, there are easy ways folks can limit their exposure that will neither hurt credit reputations nor leave identities vulnerable to predators. Understandable as the dire situations many face are, protecting credit becomes more critical during a global crisis. Monitoring credit can easily become something to push away as tomorrow’s problem when food on the table is not guaranteed today. While it’s difficult to create a solid causal link between the uptick in fraud or identity theft and the pandemic, it’s clear that the other factors involved are reorienting consumer priority toward immediate problems like the insecurity of the most basic financial needs. Analysts are still crunching the numbers on FICO trends and consumer behaviors during the ongoing crisis, but early analysis suggests that FICO scores have been trending downward.ĭeclining FICO scores are likely a result of a number of factors, including widespread loss of employment, payment deferrals, fraud and identity theft. Unfortunately, credit is not something that any of us can or should completely disregard. 2020 gave us so much to monitor that your credit might have taken a backseat.
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