The average credit score is dropping. Here is what to do if yours starts to slide.

For the first time in a decade, the "average credit score has fallen," said CNBC Select, citing a recent report from FICO. Now, the average American credit score sits at 717.

While a score of 717 is admittedly still within the range of a good credit score and only a one-point drop from a previous "record high of 718," this decline comes amid "high interest rates and 'persistent inflation'" that are "contributing to more missed payments and increased debt levels," said CNBC Select. Given how important credit is when it comes to everything from taking out a mortgage to getting approved for an auto loan, even one point can make a difference.

Here are some steps to take if your credit score has followed the trend and declined recently.

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Check your credit utilization

If you have recently made a large purchase or you have just been spending more than usual, that could explain the drop in your credit score. "A large purchase on a credit card decreases your credit utilization, which can in turn have a negative effect on your credit score," said Time. Your credit utilization is essentially how much of the total credit available to you that you are using.

So, how much of your credit can you use without noting an impact on your credit score? "You should aim to keep your credit utilization below 30%," said Time, as "any higher than that can decrease your credit score."

Make sure you have not missed a payment

Accounting for 35% of your score, "your payment history is the most important factor in your FICO® Score," said Experian. As such, if you recently missed a payment or even were just a day or two late with making it, that could ding your score.

If you have a nagging feeling you may have forgotten something, it is worth checking — because the longer you neglect to make a payment, the more of an effect it can have on your credit score, especially if it was already on the high side. For example, a 30-day missed payment "can drop a fair credit score anywhere from 17 to 37 points and a very good or excellent credit score 63 to 83 points," said CNBC Select, while a longer, 90-day missed payment "drops the same fair score 27 to 47 points and drops the excellent score as much as 113 to 133 points."

Note any recent account applications, closures or payoffs

Recent changes in account status — whether that is applying to open a new account, closing an existing account or paying off an account's balance — can also have an effect on your credit score. Whenever you apply for new credit, that "generally creates a hard credit inquiry, which can cause your credit scores to drop by a few points," said Capital One. Closing an account can also drag down your score because it could reduce the average age of your accounts or lower your overall available credit, shifting the credit utilization calculation.

It might be more surprising that paying off an account can ding your score. But, as it turns out, "paying off something like your car loan can actually cause your credit score to fall because it means having one less credit account in your name," said CNBC Select, and "having a mix of credit makes up 10% of your FICO credit score."

Review your credit report for issues or errors

Last but not least, if your credit score took an unexpected tumble and you are fairly certain you have not made any changes, it is worth taking a look over your credit report. "Although it's rare, mistakes happen, and it is possible that incorrect information on your credit report — such as inaccurate personal data or payment history — is causing your scores to drop," said Experian.

You can check your credit report for free by visiting AnnualCreditReport.com. And if you do spot "something you believe is an error in your credit reports, you might want to dispute the information," said Capital One, which you can do by contacting the relevant credit bureau.