Consumer credit is any form of credit extended to an ordinary consumer. Credit, broadly defined, is the provision of a resource (normally money) from one party to another, where the first party does not expect to be immediately compensated. Instead, the parties arrange for payment to come at a later date, or over time, in installments. Many people in Wethersfield, Connecticut deal with 1 form of consumer credit almost every day: credit cards. These small pieces of plastic are one of the largest sources of consumer debt in the United States.

Why can't I Get Credit in Wethersfield, Connecticut?

If you can't get credit in Wethersfield, Connecticut, the most likely explanation is that you have a bad credit score. Credit scores in Wethersfield, Connecticut are compiled by private companies known as "credit bureaus." These companies gather all the available information about a person's finances, and then give them a numerical score, which provides a quick determination of the risk they represent to a lender. The exact formulas that these companies use to generate credit scores are closely-guarded trade secrets.

In the U.S., you have a legal right to view your credit report for free, once per year. This is a good chance to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you normally have to do so over the phone, and can't do it online.

How Can I Improve My Credit Score in Wethersfield, Connecticut?

To improve your credit, there are various things you can do. First of all, you should report any mistakes you see on your credit report to the credit bureau. These companies sometimes make errors, and some of them can seriously damage your credit score. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Wethersfield may get a credit card, and use it for a few modest purchases every month, and then pay down the whole balance at the end of the month. This is a good way to quickly obtain a good credit score.

Because credit reports are meant to be used by possible lenders to determine somebody's risk as a borrower, showing that you always (or close to it) pay your debts in a timely manner is the best way to improve your credit score, and to keep it high.

How Can a Wethersfield, Connecticut Lawyer Help?

A good Wethersfield, Connecticut attorney knowledgeable in consumer finance issues can help you address the more complicated problems that may arise in this area, such as a credit bureau's refusal to remove an mistake from a credit report, identity theft, or a third party trying to maliciously harm your credit score.