On Jan. 1, new federal consumer protections went into effect on issues ranging from transparency on credit reports to safeguards against identity theft.

The provisions affecting credit reporting actually are the result of a law passed seven years ago—the Fair and Accurate Credit Transactions Act of 2003. The law requires lenders to tell consumers when negative information is going to result in higher rates and fees for mortgages, credit cards, and other loans.

This is known as a "risk-based pricing notice" and is a piece of information that surfaces early in the loan process to allow consumers to make corrections on their credit data that could lead to better pricing. Consumers who receive these notices can obtain one free credit report to verify the accuracy of the notice.

Also on Jan. 1, the Federal Trade Commission started enforcing rules to require businesses that handle credit to adopt written plans to identity, detect, monitor, and respond to potential cases of identity theft. Called the "Red Flags" rule, it affects traditional banks or thrifts, but also credit-granting organizations like auto dealers.

But until the Consumer Financial Protection Bureau opens in July, consumers should re-acquaint themselves with rules affecting their credit reports and scores.

In the meantime, there are some good rules of thumb to follow in improving one's chance for credit, according to the Federal Trade Commission:

Pay bills on time: Consumers who have paid bills late, had an account referred to a collection agency, or declared bankruptcy will have a blemish on their credit reports.

Get debt levels down: Most scoring models downgrade a credit score if accounts are close to the credit limit.

Aim for a score of 700 or better: Many banks say the most desirable customers have credit scores of 730 or more. Customers with high scores get the best rates.

How long is credit history? A short credit history may have a negative effect on a score, but a short history can be offset by other factors, such as timely payments and low balances.

Don't overapply for credit: A credit score can fall if a consumer has applied for a number of new accounts recently. However, a consumer checking his own score or outsiders checking credit reports or scores won't affect this because they're not applications for credit.

Note the mix of credit: Many credit-scoring models rank customers lower when they have too many finance company accounts or credit cards. Get all the nondeductible debt to below 50 percent of the credit line in each account. Go after balances with the highest interest rates first, and once below 50 percent, keep trying to get those balances down further.

Start budgeting: If a consumer never has reviewed his spending and picked out areas to cut, he has never done a budget. Start tracking spending either on paper or with financial planning software and start pinpointing what spending can be shifted to pay off debt.

Get some advice: While one might be focused on pulling together a down payment, it might not be a bad time to sit down with a tax professional or a financial adviser to talk about the way to manage debt going forward.

Keep an eye on credit reports: Remember that each consumer has the right to get all three of the credit reports—from Experian, TransUnion, and Equifax—once a year for free. For example, one can do so by ordering them at www.annualcreditreport.com.

Don't order all three of them at the same time, though. By staggering receipt of each of credit reports, one can get a continuous picture of how the credit picture looks because the three bureaus feed each other the latest information. Consumers also can clean up errors as they find them—errors can drag down a credit score—and also keep an eye on identity theft. Oh, and by the way, keep in mind that all "free" credit report sites are not free. If they ask you for a credit card number, remember they're doing that because they want to charge you.

Once an account is paid off, don't close it. In the world of credit scoring, closing accounts (even those that haven't had balances for years) is a lousy idea.

Lenders want to see a long record of credit management, and longtime accounts actually might help a score because it shows some restraint.