Credit score reports are free once per year. In minutes, a report can be viewed on the internet from Equifax, Experian, or TransUnion. If requesting a credit score report over phone or through the mail, receiving the report may take two weeks.

Keeping current on your credit scores is possible by ordering one credit report every four months. Ordering a report from Equifax in January, a report from Experian in May, and a report from TransUnion in September is an effective and free way to confirm credit scores.

Requesting reports from all three companies once a year is another good way to keep current on credit scores and to be able to compare reports. If one report is much different from the other two, the differing report can be quickly questioned. Errors can be caught before they negatively affect a credit score, and attempts of identity theft that can ruin credit scores can be prevented.

To estimate credit scores, focus on payment history and balances of accounts. Always pay your bills on time and pay off debts quickly.  This is a sure way to get higher credit scores, perhaps of over 750. Keeping to and fulfilling all debt agreements also increases credit scores. Keeping low balances on credit cards and making sure not more than one or two credit cards carry balances at one time demonstrates responsible money management and has a positive effect on credit scores.

Not paying bills on time or missing payments will negatively affect credit scores. Having high balances on credit cards and over 90 percent of a mortgage, and 75 percent of a car loan to pay off, for example, are factors which will also bring down credit scores.

If bills have not been paid over a period of time and a collection agency has to take over, this will go on public record for a number of years. As a result, credit scores could plunge to under 400. The collections record will negatively affect credit scores as long as collections are made. Even after paying off a collection agency, credit scores may be affected for seven more years.

Bankruptcy is also something that will show on public record and can affect credit scores for seven to ten years. Chapter 13 bankruptcy can bring down credit scores for seven years, and Chapter 7 and 11 bankruptcies may negatively impact scores for as long as ten years.

Paying well over minimum monthly amounts required and always finding cash to pay bills from monthly income instead of borrowing more money will signify to lenders a person who responsibly manages money.  Not opening many credit card accounts at once, and if a loan is needed, seeking out lenders during a specific time frame also signifies responsible money management and will reflect positively in credit scores.

Credit scores are not determined by a single factor, but are averaged as result of debt payment history. Each credit reporting agency has a slightly different method of determining credit scores, but all three agencies try to give an accurate picture of a person’s money management history with a score. This score can be roughly estimated using payment history and account balances.