Rebuilding Better Credit
Today, good credit is the one constant necessity needed to
succeed in any endeavor, from starting a new business venture to
purchasing a home. Without having established prior good credit
and maintaining this status, re-establishing decent credit can
be a very difficult task. The need for credit and a good credit
history is further enhanced by the internet, considering that a
large majority of credit card transactions are conducted on the
net, it is almost imperative that consumers have a valid major
credit card. Yet in the modern world a vast number of consumers
suffer bad or poor credit, and lack the knowledge or skills to
rectify this situation.
This is not contributed to a lack of willingness on their part
to correct or establish a good credit report, but to a lack of
understanding the laws that are available to the consumer. The
most important of these laws is the Fair Credit Reporting Act;
this act gives the consumer the right to correct any
inaccuracies contained on their credit file. The act regulates
credit reporting agencies, and what can be contained in the
consumers' credit report. Yet, the most important section of the
FCRA is it gives the consumer the ability to dispute entries
that are obsolete or inaccurate, and items that may not belong
to the consumer. Correcting a credit report is not as easy as it
appears; it requires a tremendous amount of time and effort on
the part of the consumer.
The truth is that every person has the right to correct their
own credit, but dealing with creditors and credit reporting
agencies is difficult if they are not familiar with the credit
repair process. There are a large number of books and
do-it-yourself kits covering credit repair topics that the
consumer can purchase, but experience in dealing with these
agencies is the only way to get a good understanding of how the
entire process works. But for those that want to venture into
this process without the help of a professional, be prepared to
exert a tremendous amount of time and effort to clear just one
incorrect entry.
Hiring one of the professional credit repair organizations, for
instance a company like Millennium Credit Service whose website
is located at http://www.millennium-credit.com, can relieve the
consumer of some of the burdens associated with cleaning their
credit. Although the consumer can accomplish the same results as
a professional, but the fact is that if you never repaired a car
would you read a book and feel you could repair it without help
from a professional mechanic, probably not. Yet, these same
people are willing to venture into trying to repair their
financial future alone which may cost them more financially in
the long run than hiring a professional credit repair
organization.
Unlike the majority of companies claiming they can repair your
credit, but only specialize in selling do-it-yourself repair
kits, Millennium Credit Service is a full-service credit repair
organization that works with consumers to clear their past
credit, and help rebuild or establish new credit. A word of
caution when paying for repair services, there are a lot pf
unscrupulous companies claiming they can repair or establish a
new credit identity, but before dealing with these companies
know the laws that regulate the credit repair industry, these
laws can be found at the Federal Trade Commissions website under
the Credit Repair Organizations Act at http://www.ftc.org, where
you can also find the Fair Credit Reporting Act.
Now that you have a better understanding of credit, and what is
needed to rebuild damaged credit, along with the laws that
protect the right of consumers, you should have a firm start to
rebuilding your credit. The first step to rebuilding good credit
is to gain access to your credit report, most credit reports
contain instruction that help you understand them, but there is
no substitute to a professional when trying to rebuild credit. A
professional can better explain your credit report so that you
will be able to understand it, Millennium Credit Service offers
a Credit Analysis Program that explains your credit and your
credit score in laymen's terms so that the consumer will be more
aware of their credit situation.