Consumer credit is any type 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 Cumming, Georgia deal with 1 type of consumer credit almost every day: credit cards. These small pieces of plastic are one of the biggest sources of consumer debt in the United States.

Why can't I Get Credit in Cumming, Georgia?

If you can't get credit in Cumming, Georgia, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Cumming, Georgia are compiled by private companies known as "credit bureaus." These companies gather all the available information about a person's finances, and then assign them a numerical score, which provides a quick assessment of the risk they represent to a lender. The exact formulas that these companies use to generate credit scores are closely-guarded trade secrets.

Under U.S. law, you have a right to view your own credit report once a year, for free (you can, of course, view it more times than that, but you'll likely have to pay a credit bureau. You should be cautious, however. Many websites claim to offer "free" credit reports, but require a credit card number in order to register. If you do not clearly cancel your membership (which can usually only be done over the phone, and not online), they will start charging you a monthly fee.

How Can I Improve My Credit Score in Cumming, Georgia?

To improve your credit, there are various things you can do. First of all, you should report any errors you see on your credit report to the credit bureau. These companies sometimes make mistakes, 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 Cumming might get a credit card, and use it for a few modest purchases each month, and then pay down the entire balance at the end of the month. This is a good way to quickly obtain a good credit score.

Because credit reports are usually meant to make it easier for potential lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.

How Can a Cumming, Georgia Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Cumming, Georgia can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.