While the names used by the major credit companies are essentially the same, lenders often use just one credit report, to analyze your loan application. Myth No. 2 To Repair Your Credit Score, Simply Pay-off All Your Debts The truth is that your credit score will be influenced, and determined by your past credit history, and not by your current amount of debt. Bankruptcy Lowers Credit Scores Whenever a person files for bankruptcy, their credit score will automatically get a 200-point deduction, and this greatly affects their chances of availing for different loans. If a person did not have a satisfactory credit score before bankruptcy, he or she will definitely have a tough time rebuilding their credit score, and rehabilitating their financial base within a reasonable period of time. Your creditors will view a well-managed bank account as a sign of stability. Add Other Small Forms Of Credit Once you've paid-off a large portion of your current debts, add other forms of credit, like get a small mobile phone contract, and pay it off every month. Small bills like mobile phone monthly payments may help to enhance your credit rating, and will also indicate that you're well-rounded when it comes to handling different forms of credit. 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. It's a fact that some typing errors or numerical glitches often show up on some credit reports; therefoe you need to get a copy of your credit report at least once a year. Pay Your Obligations On Time Always make sure that you pay off all types of debt or bills on time. Late payments or any delinquencies will truly have a major effect on your credit score. Nevertheless, any simple credit report errors may still have a damaging on the person s credit score, which can result in the individual getting rejected for a much-needed credit line. Here are five ways for disputing discrepancies in your credit report. Order a Copy Of Your Credit Report From The Big 3 Credit Agencies The first thing to do is to order a copy of your credit report directly from each, or any of the three major credit agencies.