Will Congress Help Your Credit Score?

For instance, a consumer with a 700 score could lose hundreds of points from a foreclosure, depending on circumstances, while a consumer with a score of 500 would lose "considerably less."

Still, consumers shouldn't bet on a government bailout to keep their credit scores pristine. Dornhelm suggests developing a "battle plan" to tackle high-interest debts first and isolate the problem areas to gain control of the situation.

FICO scores range from 300 to 850, and take into consideration -- in order of importance -- payment history, amounts owed, the length of credit history, new credit and types of credit used. The scores factor into not just mortgage payments, but also credit-cards, auto loans, student loans and a slew of other types of debts and financial encounters.

Another important factor to consider is credit-card utilization. The higher the portion of credit limit an outstanding balance takes up, the worse it is for the score. Higher limits and lower balances are key to improving a FICO score from a credit-card standpoint, as well as paying bills on time.