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. However, for those who pay their utility bills on time, this practice may actually do a lof of help in enhancing their credit rating. Unpaid Library Fines And Parking Tickets Even small stuff such as an unpaid $25 library fine or $50 parking ticket, can inflict a painful pinch on your overall credit score. Settling With Former Creditors For A Lower Amount Whenever a person settles his or her former debt with a former creditor at a much lesser amount, this actually does more damage to your credit score. 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 . Check out any errors or inconsistencies on your credit report, because any negative item is only allowed to be reported for 7 years. Should you spot any inconsistency or discrepancy in your report, this should be removed or erased immediately. Keep Off Any Overdraft Fees To steer clear of overdraft fees, always make it a habit to balance your checkbook against your monthly statements, and always keep records of the items you purchase, or the services you ve availed of. Correct All Errors In Your Credit Report Once you get hold of your credit report, check it thoroughly, just like using a fine-tooth comb for removing any tangles in your hair. Be on the lookout for any inconsistencies or errors, and carefully read all three of your credit reports. Once you see any errors, dispute those figures, and have them corrected or removed within thirty days. A high score usually allows you easy access to different forms of credit, while a poor score limits your financing options. 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.