Credit Scores Drop as Americans Miss More Payments Amid High Rates

Average credit scores decreased for the first time in a decade, dropping to 717 as borrowers miss more payments
Missed payments on mortgages, auto loans, and especially credit cards have gone up due to high interest rates and inflation
Over 18% of Americans now have past-due payments on at least one credit account
States like Arizona and California are using COVID relief money to forgive medical debt and remove it from credit reports
Ways to improve credit include keeping balances low, retaining old accounts, limiting new credit checks, fixing errors, and paying off high-interest debt