You ll also be able to immediately notice if ever there are any inconsistencies, inaccuracies or flaws within your report. By immediately finding out any numerical or typographical errors, this allows you to quickly file disputes to correct any inaccuracies. Aside from alerting you of any fraudulent activity or inconsistencies, a credit monitoring service can also help you effectively manage your credit. Your business credit report is generally based on the timeline of your payments, and unlike a personal credit report, a business credit report may have a number of active accounts, which can offer a positive effect, as long as your other accounts are in good standing. Your business credit score will also have some information that's self-reported, which is generally not allowed in personal credit reports. 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. 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. The truth is that the major credit bureaus, from Experian, Equifax to TransUnion all have a different term for the same score. TransUnion for example, calls it the Empirica, while Experian calls it the Experian/Honest Isaac Risk Model. While these major companies have different names for the credit score, they still use the same formula for coming up with it. For instance, if you had a $60,000 credit limit on your credit card, and you ve only so far used $6,000, or 10% of the credit limit, your balance must never go up to as much as 30 percent of your card s credit limit. Always make sure that you maintain a balanced proportion of used credit to available credit.