- The problem with some credit monitoring agencies is that they charge fees which are unethically exorbitant. There also have been a few occasions where people cannot easily opt out of their credit monitoring service, even if they wanted to. While an unsatisfied credit monitoring agency client may wish to stop receiving, or reading credit reports, he or she will still be charged the monthly rate. According to the US Fair Credit Reporting Act (FCRA), the major credit agencies are responsible for correcting or reducing any flaws and errors in their credit reports. The FCRA therefore, enables you to directly contact these credit reporting agencies, and formally relay your disputes or complaints. Before you file for bankruptcy, remember that bankruptcy is not an easy way out of your financial mess, because it will have serious implications on your credit record, and will also seriously hamper your business dealings with other people. 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. Arrange For Automatic Payments For Every Type Of Loan To keep your sanity intact during a financial crisis, it would help if you carefully manage all your bill payments. By arranging for an automatic payment system for all your bills and loans, you won t need to scamper to the bank each time you forgot to pay the utility bill, or the credit card loan. Never Do Loan Shopping Whenever you continually shop for loans, or submit to as many lenders within just two weeks, your credit score will surely suffer a major drop. Try to do a cluster of loan inquiries within a proper period of time, like one every two weeks, so that your credit score remains strong, and won't have to suffer major drops in credibility with lenders. For instance, if you had a $60,000 credit limit on your credit card, and you ve only so far used $6,000, or 10% of the credit limit, your balance must never go up to as much as 30 percent of your card s credit limit. Always make sure that you maintain a balanced proportion of used credit to available credit.