Get your free credit report. The Fair and Accurate Credit Transactions Act (FACTA) is gradually rolling out the right to each consumer for one free copy of his or her credit report from each of the three credit bureaus per year.

If your credit score is really bad, because you were the victim of identity theft or you are deep in debt, you may be not be able to borrow at all. A bad FICO can also hurt you as you apply for a job or a professional license. Therefore, it's imperative that you improve a bad score, no matter your circumstance.

If your accounts have been used fraudulently, have your bank issue new cards and numbers. Report your identity theft to your local police or sheriff's department, making sure your police report lists all the fraudulent accounts. Of course, get a copy of the report. You should also get the phone number of your investigator and give it to the creditors and others involved in your case.

In order to get out of credit card debt, you need to decide what avenue to take. According to Brobeck, a good rule of thumb is, "If you can't develop a plan to pay off your credit card debt in a year and at the same time meet your other debt obligations, you probably need help."

Your credit report keeps track of your financial safety and where you stand financially. Even though you only get one free report a year, checking your credit once annually is not enough.