Company Profile When evaluating your company profile, verify the details for accuracy, such as business name and length of doing business, address, telephone number and industry type. As most of the data here is self-reported, the business owner must always make sure that the data filled in is accurate and updated. Make it a habit to only apply for credit that you truly need, and can afford paying off. Use A Credit Card Wisely Although it may seem hard to avoid getting credit cards in these times, you just need to learn how to use it wisely. Use a credit card for making small purchases, and don t use it to borrow money every time you go shopping. Ask For Credit Reports From The 3 Major Credit Bureaus The next step would be to request for credit report from the 3 major credit bureaus, since you won t be charged with any fees. However, because you re only allowed one company per year, order them on a staggered basis throughout the year instead. The Five Basic Credit Card Elements There are five basic elements which are taken into account when determining a person s credit score. These include Payment History, Amounts Owed, Length of Credit History, New Credit, and Types Of Credit Used. The basic elements can offer a lot of insight on how to improve your credit score. The truth is that the major credit bureaus, from Experian, Equifax to TransUnion all have a different term for the same score. TransUnion for example, calls it the Empirica, while Experian calls it the Experian/Honest Isaac Risk Model. While these major companies have different names for the credit score, they still use the same formula for coming up with it. Make Sure Each Report Is Not Past The 7-Year Limit Once you get a copy of your credit report from the major credit agencies, compare each of the reports, and ensure that these are not past the seven year limit for reporting of any errors or negative information. Also determine if the status and delinquency dates are not incorrectly noted.