While you cannot erase the mark on your credit, you can start working to improve your score.  There are several financial management and credit counseling services out there that can help you develop a plan to get out of debt and learn how to manage your money effectively.  You can also work with your creditors to create a payment plan that fits into your budget. Paying off the money you owe and taking measures to make sure you do not fall into this situation again is the best thing you can do to improve your credit score.  Every consumer has the right to access a free copy of their credit report at www.annualcreditreport.com.

For credit advice and answers, check out these resources from the three major credit bureaus:

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