As you are working to clean up your debt, it is extremely important to order copies of your credit report and credit score.  You can easily get a copy of your credit report for free and your credit score will cost your around $15. The information found on these reports will directly affect the interest rates you're offered on credit cards, mortgages and other loans, so it is best to know what you are dealing with before you start applying!

Everything you need to know about Your Credit Report and Credit Score

There are three major credit bureaus: Experian, Equifax and TransUnion. Each collects information on your credit history which is turned into a credit report. From that report, a credit score is derived. That score is a quick way for lenders to assess how risky you are as a potential borrower. The higher your score, the less risk you pose to lenders and the more likely it is that you'll get their best available rates.

The score most commonly used by lenders is the FICO score, developed by Fair Isaac.

When lenders review your credit reports and FICO scores, they take into account not only how much you owe but also how much credit you have available to you. Too much of either, and they may not loan you any more money.

When you get your reports, check for inaccuracies. The bureaus are required to investigate and correct any issues once you report them. Look for things that may lower your credit score, including open lines of credit you never use or accounts you thought had been closed long ago.

Each of the bureaus may have different information about your credit history, which means your credit score can vary slightly from bureau to bureau. Therefore, it's important to view reports from all three.

You can get any of the bureaus' credit reports free at www.annualcreditreport.com and your FICO score from MyFICO.com.