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

Follow these steps if your credit score has followed the trend

Businessman pulling a string to bring rating gauge from bad to good
Credit is important for everything from taking out a mortgage to getting approved for an auto loan — and even one point can make a difference
(Image credit: zhuweiyi49 / Getty Images)

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.

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