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 East Point, Georgia 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 East Point, Georgia?

If you can't get credit in East Point, Georgia, it could be because you have a bad credit score, or simply don't have any credit history. Credit scores in East Point, Georgia 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.

Under U.S. law, you have a right to see your own credit report once a year, for free (you can, of course, see 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 East Point, Georgia?

To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes and report them to the credit bureau to be corrected. It's also good to show that you can use credit responsibly. For example, someone with no credit history in East Point 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.

Credit reports are meant to be a tool for lenders to easily determine a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be extremely effective in creating a good credit score.

How Can a East Point, Georgia Lawyer Help?

A good Attorney specializing in consumer bankruptcy or other consumer finance issues in East Point, Georgia can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an Attorney can make the navigation of them much easier.