Remove all junk characters from a text file

I am using flatfile, in that flat file we are getting the junk chars

1)I21001f<82>^Me<85>!h49 Service Charge

2) I21001f�
e...!h49 Service Charge

please tell me how to remove all junk chars in unix scripts.

Which "junk" characters are you on about?

< > ^ " " ! ) . e

......or any combination of these?

Please be more specific...