According to a recent survey, half of Americans don t exactly know how their credit scores are derived, or what factors are used to compute those three vital numbers. Here are five common myths about credit scores. Myth No. 1 The Major Credit Bureaus Use Different Formulas In Computing A Credit Score This is one of the most common myths about credit scores. But if you are confident of repairing your financial image , and you're confident of rebounding from your financial troubles, bankruptcy should not be a ghost that will keep haunting you for years, as long as you take concrete steps to change your wasteful financial habits, and improve your loan repayment capabilities. 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. Evaluate Your Credit Report For Errors Your credit report must still need to be fully evaluated, even if you've already been declared to be bankrupt. Check out any errors or inconsistencies on your credit report, because any negative item is only allowed to be reported for 7 years. Every business entity that borrows will generally have a business credit profile, from which the business credit score is taken from. While a number of firms track business profiles, the main business profile tracker is the Paydex system, which works like the FICO score for personal credit score. Why Monitoring The Credit Report Is Important For Small Business Owners One of the most important aspects that aspiring business owners needs to do, is monitor their credit report. Here s a basic overview of credit score ranges. Standard Credit Score Ranges Credit scores generally vary a little bit, from one credit reporting agency to another. To develop the credit scoring system, a creditor generally weighs each of the major factors, based on how each of the factors predicts whether a person is deemed a good credit risk. With the mortgage crisis still lingering in the midst, and with interest rates continuing to soar, many are thinking of better ways for keeping their finances afloat during these dark economic times. Here are five surefire tips for keeping your credit afloat during a crisis. Keep Your Credit Score High One of the best defenses during a crippling economic crisis is by keeping your credit score high.