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In an attempt to describe perfect credit it is almost impossible to put into words because perfect credit is a myth. The best the majority of consumers can achieve is good credit, and this is due to the fact that we are human, and as humans we have a tendency to err. Yet, good credit is still a goal that is still unattainable by a large number of consumers because their credit is damage at a young age. The best concept devised is a report entitled "Using Credit Wisely" that discusses how to use credit, but we come into contact with credit at an early age and start the damaging process, which leads us to a lifetime of bad credit!!!

This phenomenon is accredited to the ease of gaining credit during the college years, when credit card offers are pouring in almost every semester we are enrolled. As students we are not yet aware of the consequences of using credit unwisely, so we use them to pay all of the expenses not covered by our tuition. Then after we graduate, we spend most of our time trying to find employment to repay all of those student loans we acquired, and often overlook the small debts created by using the credit cards we applied for to pay all our other expenses.

Now, all of our accounts have gone to collection, even the ones we tried to pay but got behind on, collection agents are calling and we are doing our best to avoid their calls because with all of our other living expenses, we barely have enough for food. Eventually the collection calls slow down or completely cease, and we think it over, but it has only began, a few years later when we go to apply for a car or a home, those neglected credit card accounts come back to haunt us.

This is a typical scenario faced by millions of consumers every day, but there is hope for those tying to repair the damage done in our earlier, uninformed years. And the answer rest in laws created by the Federal Government, in a form of laws that protects the consumer as-well-as helps them try to restore their "good credit" rating. These law are entitled the Fair Credit Reporting Act, Fair Debt Collections Practice Act, and the Fair Credit Billing Act, if used wisely these laws can in affect help consumers? restore their credit to a status they can be comfortable with, if not "perfect."

The first step in using these laws to our benefit is to acquire a firm understanding of what these laws cover, and the Federal Trade Commission has outline the text of these laws on their website http://www.ftc.gov. The next step is procure copies of your credit report, and this can be accomplished by purchasing them from the three consumer reporting agencies for a fee of usually $8.00 to $12.00, but a copy can also be attained for free if you have been denied credit or employment based on information contained in the credit file, this is one of the sections contained in the Fair Credit Reporting Act.

Another avenue available to consumers that want to restore their credit but don't have the time to research these laws is hiring a professional credit repair organization to initiate the process for them. To mention one, Millennium Credit Service offers affordable credit restoration services for its clients along with other services, and their website is located at http://www.millennium-credit.com. If you decide to hire a credit repair company, it is strongly suggested that the Credit Repair Organizations Act be read, and this law can also be viewed on the FTC's website.

The word to be when trying to restore credit is "vigilant," because this can be a daunting task, but repairing credit can be accomplished by the average consumer. If a copy of the credit report has been procured, then it is time to go to work, first ensure that all personal information contain in the report is accurate and up-to-date. A consumer can lose very valuable credit points by the information contained on the credit application and what is contained on the credit file not matching. Most consumer reporting agencies will have a form that allows to update the information contained in the personal section of the credit report, if this form is not present, create one with the incorrect information above the correct information and instructions on what is suppose to be contained in the report.

The next phase will be to correct or delete accounts that are not yours, or contain outdated entries that should have been removed from the file based on the laws contained in the Fair Credit Reporting Act. The types of entries that can be deleted are most revolving and fixed accounts that have been closed due to non-payment with a date of activity of seven years ago, and bankruptcies after ten years, and the majority of court related rulings can also be removed after seven years. Disputed accounts have to be investigated, and it is the responsibility of the credit grantor to proved that the account belongs to the person disputing it.

Using the disputing process of the law is a way to ensure that the consumer reporting agency is reporting correct and up-to-date information on the consumer, but also under this same law it is illegal to dispute information that is accurate and correct. The good news is that accounts that have been paid off and are in good standing can stay on your credit report indefinitely, and this can work to your to your benefit because it allows the reporting agency to report only good credit once the credit file has been restored and maintained.