If your business credit report does not provide you the same scoring system, go to the reporting company's Web site, and find out how to interpret your numbers. Collection Proceedings In evaluating your business credit report's collection proceedings, find out whether you have a history of letting your bills lapse, or whether some of your accounts have been sent to collection. While getting a credit report usually comes at no extra cost, these companies are allowed to advertise other paid services, such as a credit monitoring service, which goes for a small monthly fee. A person s credit score ranges from 500 and 850, and this scale numerically defines a person s credit worthiness. A lot of agencies and individuals regularly look at your credit score, from banks, credit unions, utility firms, landlords, insurers and even employers. According to a recent survey, half of Americans don t exactly know how their credit scores are derived, or what factors are used to compute those three vital numbers. Credit monitoring services also cannot fully detect any fraudulent activity, because there are a number of details in your account which credit agencies are often not alerted, or notified about. - The problem with some credit monitoring agencies is that they charge fees which are unethically exorbitant. While drafting this type of budget can be quite hard, once you re successful at formulating the right budget, it could help track down any unnecessary spending, and it will allow you to adjust your finances in order to spend for your real needs, and steer clear of unwanted debt. However, if your credit cards debts have piled up too high already, and are beyond your control, then under these extreme circumstances can you file for bankruptcy. Whether you want to buy a new home or car, or wish to avail of a personal or student loan, it pays to have a good credit score. A good credit score enables you to establish credit-worthiness, and allows you to get easy access to loans and other forms of financing, at lower interest rates. Here are five good ways for protecting a good credit score.