Why Did Your Credit Score Just Drop?

It could be a mistake — and it could cost you

Andy Spears
2 min readAug 5, 2022


Photo by Tierra Mallorca on Unsplash

Whether we like it or not, credit scores matter. They factor into financing for houses and cars and the information on credit reports that helps make up a credit score may be used when you go to rent an apartment or even when you get insurance.

This means it’s important to monitor your score. You can do this for free by using annualcreditreport.com.

But what happens when your score drops and you don’t know why?

The consumer protection attorneys at Finn Law Group have some insight as to why this may happen and what you can do about it.

Your Credit Score Just Dropped, Now What? (finnlawgroup.com)

Here’s what they have to say:

If you see a drop in your credit score or errors on your report, you can file a dispute with the credit bureau. You can do this online, by mail, or over the phone. The credit bureau has to investigate your claim and get back to you within 30 days.

If the credit bureau finds that the information is incorrect, it will be removed from your credit report. You might also request that the credit bureau send a correction notice to anyone who’s received your report in the past six months (or two years, if it’s a mistake that could impact your employment).

You can also file a direct dispute with the company or furnisher that provided the information to the credit bureau. The company also has to investigate your claim and report back to the credit bureau within 30 days with the results of the dispute.

Consumers may be especially alarmed following news of a recent error at Equifax that sent letters containing inaccurate credit scores impacting hundreds of thousands of potential borrowers.

It’s important to be vigilant in monitoring your score and fighting to correct errors if you detect them.

Here’s more on how to do that:

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Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .