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. A credit score is often generated by tracking data from a person s credit report, into software which analyzes it, and releases a number afterwards. The three major credit bureaus do not necessary use the same system, and use different names for it, therefore it should not come as a surprise if the scores the churn out are a bit different. 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. 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. Late bill or loan payments generally cut as much as 100 points from your credit score, which reduces your chances of availing loans and other forms of credit. Do Not Co-Sign A Loan Co-signing for loans perhaps may be one of the dumbest moves you can ever make. If ever you re lured or tempted into helping a family member or friend get a loan, your act of kindness may actually do a lot of damage to your credit score. Make Sure Each Report Is Not Past The 7-Year Limit Once you get a copy of your credit report from the major credit agencies, compare each of the reports, and ensure that these are not past the seven year limit for reporting of any errors or negative information. Also determine if the status and delinquency dates are not incorrectly noted.