The individual s financial data is submitted to a credit reporting agency by creditors, debt collection agencies, the courts and other public or federal agencies. Once a note or comment has been made or added to the person s credit report, it stays there for sometime. If the note is a positive one, it ensures that you ll have an easy time availing of different forms of financing. Don t get your credit report from third-party agencies, because chances are you could be disputing errors or flaws that don t even exist. According to the US Fair Credit Reporting Act (FCRA), the major credit agencies are responsible for correcting or reducing any flaws and errors in their credit reports. 5 Ways to Protect A Good Credit Score Credit has been tough to obtain these days, especially with a moribund real estate industry, and a lingering recession that s continuing to do a lot of damage to investor and consumer confidence. Whether you want to buy a new home or car, or wish to avail of a personal or student loan, it pays to have a good credit score. While making too much inquires can have a little negative effect on your credit score, missing out on the possible errors and wrong entries can do more damage to your credit standing. What Are The Two Types Of Credit Report Inquiries? According to credit experts, there are basically two types of credit report inquiries, the soft and hard inquiries. Some creditors have been known to look at their customer's bill payment records, so that they can establish your willingness to pay. Get Installment Loans Next, get an installment loan, such as a car or appliance loan. This can be a nice start towards rebuilding your credit score. Once you've gotten approval, pay off the loan in the quickest time possible. The Five Basic Credit Card Elements There are five basic elements which are taken into account when determining a person s credit score. These include Payment History, Amounts Owed, Length of Credit History, New Credit, and Types Of Credit Used. The basic elements can offer a lot of insight on how to improve your credit score.