Today, most municipal and city governments are turning to collection agencies to salvage hese unpaid bills, especially if your dilly-dally on repaying them. For example, if a collection agency reports that you weren't able to pay overdue parking tickets or library fines, this could make your credit score drop by as much as 100 points. Because credit reporting firms and agencies often use different scoring methods, some of the ratings may not be the same. If your business credit report does not provide you the same scoring system, go to the reporting company's Web site, and find out how to interpret your numbers. Collection Proceedings In evaluating your business credit report's collection proceedings, find out whether you have a history of letting your bills lapse, or whether some of your accounts have been sent to collection. Building Your Business Credit Profile: 5 Top Tips Each and every business entity today, whether small, medium or large, needs some credit to start, or maintain and expand their businesses. In order for your business to build a steady business credit profile, you need to employ a number of steps to ensure that your enterprise has a fresh connection with various established lenders and creditors. If you just found out how nasty your current credit score is, you may be thinking of ways to how to fix or rehabilitate it, in just a year. The good thins is that there are a number of ways for repairing your credit score quickly. Here s how to repair your credit score in the fastest time frame possible. The major US credit reporting agencies include Equifax, Experian and TransUnion. Each of these agencies independently operates from each other. This helps to explain why their records differ form each other. If you re disputing any inconsistencies in your credit report, you need to send updates and corrections to each agency, because these agencies don t generally share information among each other. If you forget to pay one or two of your bills on time, prepare to have some red marks or black eyes on your credit history. To steer clear of any delinquencies, try setting up your bills for automatic withdrawal from your personal ckeching account, so that you won't have to deal with any collection agency in the future.