How can you avoid credit score scams? These are 7 key ways (2024)

FAQs

How can you avoid credit score scams? These are 7 key ways? ›

Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal.

Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal.

Many people are afraid to request a copy of their credit reports – or check their credit scores – out of concern it may negatively impact their credit scores. Good news: Credit scores aren't impacted by checking your own credit reports or credit scores.

Making a Late Payment

Every late payment shows up on your credit score and having a history of late payments combined with closed accounts will negatively impact your credit for quite some time. All you have to do to break this habit is make your payments on time.

The easiest way to become a victim of a bank scam is to share your banking info — e.g., account numbers, PIN codes, social security number — with someone you don't know well and trust. If someone asks for sensitive banking details, proceed with caution.

Be sure to freeze your report after you've created your Social Security account. For maximum protection, freeze your report at each of the four credit bureaus: Equifax, Experian, TransUnion and Innovis. You can do this through each bureau's website.

Don't be fooled by look-alikes.

Lots of sites promise credit reports for free. AnnualCreditReport.com is the only official site explicitly directed by Federal law to provide them.

Should I give Experian my social security number? ›

A Social Security number (SSN) is helpful when compiling your credit history because it is the only identifier uniquely assigned to each U.S. consumer. Experian will ask for it when you order your own credit report to help ensure that we provide you a complete and accurate report.

A VantageScore is one of many types of credit scores. You can also get free credit reports annually from the three nationwide consumer reporting agencies (Equifax, TransUnion and Experian) at AnnualCreditReport.com.

AnnualCreditReport.com is the official site to get your free annual credit reports. This right is guaranteed by Federal law. You can verify this is the official site by visiting the CFPB's website. Don't be fooled by look-alike sites.

1. Payment History: 35% Making debt payments on time every month benefits your credit scores more than any other single factor—and just one payment made 30 days late can do significant harm to your scores.

How Debt Collection Scams Work. It's very simple: Someone contacts you — often by phone, but also by text message, fax, mail or email — and claims that you owe a debt. The debt may be completely fake, canceled, discharged, forgiven or beyond the period for collection.

Imposter scams involve a scammer who poses as someone you trust and demands a fast payment using Zelle^®, a wire transfer, a money transfer company, or cryptocurrency. Refund scams occur when a scammer acts as if they owe you money and pretend to send you a higher, incorrect “refund” amount.

A common tactic used by this type of personal loan scammer is to promise guaranteed approval of your personal loan without any review of your credit history or creditworthiness. Scammers may also ask for upfront fees or charges before you've had the chance to look over any paperwork or receive any services.