An individual can also get his or her own credit report from major credit agencies like Experian, Equifax, TransUnion and other small companies that serve regional or local markets. The Importance Of Credit Scores A person s credit score is drawn from the credit report. The score determines how credit-worthy and financially responsible he or she is. However, if a lot of inquiries are made, you could appear to be shopping or looking around for different loans at once. This may also indicate that you've been rejected by a number of creditors, which could make you appear as a poor credit risk. If you wish to shop for a loan, try to do it on a short period of time, because inquiries that are done within only a few days of each other, are usually counted as just one inquiry. 5 Ways To Build Your Credit Score Whenever you wish to get a loan, you need to know something about your credit score. A credit score is a number that creditors look at to determine your viability to get credit. A bad credit score can keep you from financing your kid's education, or from buying a new home. Every person is entitled to a free credit report each year, and a good place to start checking on your credit rating is by going to the three major credit bureaus like Experian, Equifax and TransUnion. How To Monitor Your Business Credit Score When monitoring your business credit score from systems like Paydex, you need to bear in mind that the Paydex score ranks how early, or how late, you fulfill your debt payments. While you may be currently quickly paying-off your credit card debts, and settling any other outstanding obligations, your previous history of late or missed payments will still reflect on your score. As the credit experts often say, it takes time to repair your credit score. Myth No. 3 Closing Old Accounts Helps Boost Your Credit Report This myth s nothing but a common delusion. The information submitted by your creditors to these credit reporting bureaus include date of account opening, type of accounts, payment history for each account, late payments, unpaid child support, overdrawn checks, or any foreclosures, suits, wage attachments, liens and bankruptcies that are derived from federal and state agencies.