Important factors of your credit report

Your credit report may seem mysterious to you, especially if you've never taken a look at it. Whether you're looking at your report for the first time, or conducting your quarterly review, there are a few factors to keep in mind when examining your credit report.

One of the first things to do with your credit report is to check for mistakes. Oftentimes, the credit bureaus make errors on your report. However, you have a right to dispute these claims. Many individuals who find an error on their credit reports will speak with a credit repair attorney to help them address the blemish from their records.

Your credit report plays a large role with your retirement as well. Consumers with poor credit, who are racking up additional charges each month because of high interest rates or late payment fees, are losing money that could have gone toward their retirement, the Des Moines Register reports. Because a credit report error can negatively influence your score, and thus, your ability to secure low interest rates, it's important that you resolve these mistakes quickly and efficiently.

You should be aware that not only will lenders look at your credit report, but prospective landlords will as well. In addition, some employers may even refer to your credit report to judge your ability to handle money responsibly. A lingering error may dissuade them from hiring you.