When Making Inquiries, Check Your Credit Report With A Fine Comb According to most credit experts, a lot of people often check out their credit report every month. However, the sad thing is that whenever they check the report, they don't look at the finer details, and usually don't check the report for any errors, or any inconsistencies and flaws in the data entered. Because you ve settled with your former creditor for an amount less than what you actually owe them, the creditor eventually reports the remaining balance which you weren t able to pay, to the credit reporting agencies, and this will get noted in your credit report as a deficiency balance . If you have debts with former creditors, make sure that you work out a full settlement with them, and guarantee that what s accomplished between you and your creditor does not get reported elsewhere. 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. Therefore, it's very important to build a good credit history. Her are five innovative ways for building-up your credit score. Because your credit report greatly influences how you re able to get a home mortgage or get a job, you need to protect your credit rating, by making all your bill and loan payments on time regularly. The Five Basic Credit Card Elements There are five basic elements which are taken into account when determining a person s credit score. The truth is that closing old accounts won t affect your credit score, but opening these old accounts will surely hurt your score. Having to many accounts also does damage to your credit score, because your score is usually affected by the difference between the available credit and the credit that s being used. Also try opening a new credit card account; however, remember to keep your total revolving debt ratio to just 30% below your credit limit, so that you can rack up as much as 50 points to your credit score. Shop Around For Bad Credit Personal Loans The market for bad credit personal loans is on a high note these days.