Aside from alerting you of any fraudulent activity or inconsistencies, a credit monitoring service can also help you effectively manage your credit. The Downsides of A Credit Monitoring Service - According to credit experts, it s quite impossible for each company to effectively monitor each of their client s credit report on an hourly basis. However, bankruptcy surely doesn't mean it's the end of the world for you. While bankruptcy can have a major effect on your credit score, it won't mean that you'll never be able to avail of credit again. While the recovery process may be quite long and stressful, and sometimes you ll only be left with nothing with your shirt on your back, or your pants and shoes, there is always light at the end of the dark tunnel. Keep Your Credit Card Debt Ratio To Manageable Levels Always remember to keep your credit card balance paid off on a monthly basis. Also keep your card at a maximum charge level of 30 percent, and pay them off at the end of the month. By keeping your card s charge levels low and manageable, you re actually showing restraint and responsibility, and you re keeping your credit score high as well. Your busienss ha sto be structured in a way that it resembles a corporaiton or a limited liability company, or LLC. Devise A Well-Crafted Vusiness Plan When building your business, also prepare a coherent, well-crafteed business plan, which includes all the essential financial details, including the required sections and sub-sections. Once these are turned over to a collection agency, the bad news will certainly be circulated aorund the lending community. Non-Payment Of Apartment Rentals Defaulting on your apartment rental payments can also add to your credit rating woes. Your landlord can actually report that he or she has evicted you for defaulting on your apartment rent, and this would surely sne dshivers down most property management companies and mortgage lenders. In the United States, there are three major credit reporting agencies, where most creditors submit their client s payment history and personal information. 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.