Household income dropped 23 percent during the recession

During the recent recession many consumers endured credit damage resulting from falling behind on debt payments. Now, a new report from the Federal Reserve provides some statistics that show the magnitude of the economic fallout on U.S. households.

The Fed's recent report "Surveying the Aftermath of the Storm," found the average household in the country experienced a net worth decline from $125,000 in 2007 to $96,000 in 2009 – a drop of 23 percent.

Not only were households bringing in less money by 2009, but they were taking on more debt. The study found median total debt levels rose more than $5,000 during the period to $75,600. With consumers relying more on credit than they had previously, many of them suffered damage to their credit report and score.

However, some consumers were able to get by unscathed, reducing their credit usage and focusing on saving. Yet, these individuals may still have seen their credit scores drop as a result of an unfair mark on their credit reports.

It is not uncommon for a merchant or debt collector to relay erred information to the credit bureaus, so it's important for individuals to check their reports carefully for any questionable items.

Consumers who discover a potentially unfair mark may want to contact a credit repair company to help them work with the creditors and credit bureaus to resolve what may be a misunderstanding.