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Everyday, consumers are subject to circumstances that could have an adverse affects on their current living standards, these include the loss of a job, or demotion from a higher paying position that adds to the already tense situation they have been placed in. These types of situations are the ones that tend to lead to the loss of credit due to the financial setbacks, these setbacks can take months or even years to fully recover from, but the good news is that, It Can Be Done.

Eventually these consumers find a new job or move to a better paying position, and the only thing left to do is fix their bad or negative credit that was created by the previous setback. The only problem is that fixing bad credit is not as simple as it seems, evidenced by all the credit repair books available to the consumer, but it can be accomplished. Credit repair or restoration is a daunting task that requires patience and persistence, and if you are just recovering from a financial setback it may be advised that you do not enter into this task lightly.

The first step to credit repair or restoration is to get a firm understanding of your current credit situation, and this is usually accomplished by obtaining a Credit Analysis. The analysis can be obtained from a company like Millennium Credit Service and the website is http://www.mmillennium-credit.com, the credit analysis should give the consumer a clear understanding of their credit situation, and a plan of action to fix any problems that are contained on the credit report.

Once the Credit Analysis is obtained, the next step is to understand the laws that where created to help consumers in your situation recover from financial problems. The next stop after visiting the Millennium Credit Service website is to visit the governing body that regulates what can be contained on a consumers credit file. This agency is the Federal Trade Commission, and a link to their site is located on the Millennium Credit Service website, these links address the concerns that consumers with negative credit may have.

Now that a better understanding of what laws are available for the consumer to help restore their credit, it is time to take action. The credit analysis will give the consumer a starting point in their credit restoration effort; the first step is to ensure that all personal information contained on the credit file is accurate. If there are negative entries contained in your credit file that are incorrect, the consumer has the right to dispute those entries by filing a dispute letter.

The dispute process gives the consumer the right to correct inaccuracies contain in the credit report, and the agency providing the report has thirty days to investigate the validity of the entry, and if it can not be validated it must be removed from the report. This gives the consumer the ability to ensure that their credit report reflects an accurate representation of how they handle their finances, so if the consumer has a income related setback that causes them to develop negative credit, they still have the ability to fix their credit in the future.