Your credit score can be a major factor in many aspects of your life. It's easy to assume your credit rating only affects your chances at a home loan or a platinum credit card, but in reality there are other aspects of life in which credit scores can play a role. Some employers require credit checks, and many landlords also may want to take a peak at your credit history.

There are many common misconceptions about credit rating and credit histories, but fortunately there are simple answers to some of the most frequently asked questions:

Will checking my credit rating hurt my score?

It is true that frequent requests for a credit rating can hurt your credit score, because it appears you are trying to apply for credit too many times in the eyes of some lenders. However, your own requests don't count in this equation.

You are entitled by law to review your credit reports, and such checks don't harm your credit in any way---unless you see negative action on your credit history and fail to act. Did you know all consumers are entitled to free credit reports? Consumers have the right to stay informed; clerical errors, identity theft and other problems may only come to your attention via your credit reports.

Can I remove inaccurate information from my credit report?

The best way to handle inaccuracies is to deal directly with a credit reporting agency such as Equifax, TransUnion, or Experian. These agencies can provide you with your most up-to-date credit history, and you have the right to contest anything on the report you feel is inaccurate or outdated.

Unfortunately, this process may take some time and you may be dealing with any credit issues for many months before progress can be made. But despite the time-consuming nature of the process, it is very important to deal with these issues once you are aware of them.

Some people mistakenly believe you can't remove negative information from a credit history, but this is not true—at least not in the case of fraudulent information or inaccuracies. If you suspect your report contains inaccurate information, contact a credit reporting agency at once to begin fixing the problem.

How does lender score my credit report?

Your lender may view a credit report differently for a home loan than for a credit card application. And different lenders may view a person's credit report differently, even for a similar loan. Unfortunately, there is no set criteria for evaluating the information contained in your credit report.

There are many ways for a bank or lender to determine if a customer is a good credit risk — or a bad risk. Each lender has its own unique way of making these determinations. The best thing that a potential borrower can do is focus on what he/she has the most control over — making consistent and on-time payments for all current loans.

Does getting married affect my credit?

Any joint account you open can affect your credit score. You don't need to be married to someone to open up such an account, and the activity on that account can count for or against you.

One way to avoid potential problems is to avoid co-signing, opening a joint account or entering into any other kind of shared credit unless you can trust the other person enough to know the other person's activities won't hurt your credit rating. Many people forget this applies to more than just credit cards and bank accounts—shared cell phone plans, Internet access and other subscriptions can also reflect on your credit history.

It's true that a little information goes a long way when it comes to protecting your credit rating. If you don't know what your current credit report says, it is definitely worth the time to learn what your potential creditors may already know about you.