It is very, very unlikely for hackers to change their credit score because credit score is maintained by financial institutions and they take security very seriously. So the chance of hackers changing your credit score is very low but identity thieves can change your credit score and are basically personal information hackers. Moreover, there are legal and illegal ways available to change credit scores.
- A credit score is a three-digit number that is the statistical analysis of a person’s financial condition
- A credit score helps lenders and financial institutions to determine the creditworthiness of an individual
- Legally, there are many ways you can change your credit score like reducing credit card balances, increasing the credit line, keeping the old account, etc.
- A credit privacy number is a legal alternative for people who are concerned about using their Social Security Number
How To Legally Change The Credit Score
If you are planning to hire a hacker to change your credit score then it is a foolish waste of time. There are many legal creative ways available to change the credit score. Let’s check them out.
Reduce Your Credit Card Balances
This is a very effective way to increase the credit score. If you reduce your credit card balance to less than 7% of your available credit limit then it will increase your credit score. Moreover, make sure you pay the due before the statement cuts in order to reflect the lower utilization. For example, if you pay your due in time then the new monthly statement will show your latest payment and a new balance. So when the new statement is released, your new balance will be reported to the credit bureaus, and immediately you see a change in your credit score. This type of reduction in account balances will give you the biggest increase in your credit scores.
Ask For A Credit Line Increase
According to the FICO credit score, lots of available, unused revolving credit limits are good for a better credit score. So, what you can do is, request for a credit line increase, but don’t use the new credit line. Increasing the credit line is easy because most of the creditors just do a soft pull on your credit report to consider you for a credit line increase. So it won’t harm your credit score. You can ask the creditor to know whether they will do a hard pull or a soft pull. Usually, a hard pull can take up to 10 points from your credit score.
Don’t Miss Your Payments
If you have late payments on your credit statement then it can harm your credit score very badly. So don’t miss your payments, by any means make sure your payments are in time. If you have a late payment then try to make your payment on time constantly for the next few months so that your credit score will recover from the fall. You can also ask the creditor for a goodwill adjustment to remove the late payment notations.
Keep The Old Credit Accounts
If you close a credit account then it may lower your credit score. Usually, old open credit accounts lengthen the credit history which is a positive sign for your credit score. So, when you close a credit account, you will see a drop in your credit score. Moreover, closing credit accounts also give a negative impact on the credit utilization ratio.
Get Recent Collections Off From The Credit Report
From time to time you should check your recent collections account on your credit report. You should dispute collection accounts, settle collection accounts, or offer pay to delete the collections account. Removing a recent collection account from your credit report will increase your credit score fast.
How To Illegally Change The Credit Score
Well, these methods might not be ethical but still, they can increase your credit score. If you have a decent credit score then my advice you should avoid these tricks. Nonetheless, let’s check them out!
Employer Identification Numbers
You can take a new credit identity with an employer identification number instead of your Social Security number. This way you will get a new increased credit score but the chances are very high that this trick will backfire. Moreover, the practice of “file segregation” is illegal. You must remember that EINs are legally used for business credit purposes but not for personal credit.
Credit Privacy Numbers
A credit privacy number is a legal alternative for people who are concerned about identity theft. You have the right to not disclose the Social Security Number but on the other hand, a bank or lender has the right to deny your application if there is no SSN included in the form. In this type of situation, you can use the CPNs but there will be chances you might end up committing fraud because you might not obtain the CPN legitimately. Moreover, many companies provide CPNs that are actually someone’s SSN. So think twice before using the credit privacy number on your credit application form.
The more your credit score, the better for your financial solutions but it’s not wiser to implement illegal tricks to increase the credit score. You can follow the above legal methods to increase your credit score. Moreover, hackers can’t change your credit score so don’t pay any money to a cyber expert who claims he/she can change your credit score. Finally, be aware of identity theft and keep your confidential financial information secure.
Last Updated on October 27, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.