Credit, broadly defined, is the provision of money on the assumption that payment for it will come later, or over time. Consumer credit is simply credit extended to individuals in order to buy consumer goods or services. Many people in Grand Forks, North Dakota deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the biggest sources of individual debt in the U.S.

Why can't I Get Credit in Grand Forks, North Dakota?

If you are unable to get credit in Grand Forks, North Dakota, it may be because you have a bad credit score. Credit scores in Grand Forks, North Dakota are compiled by private companies known as "credit bureaus." These companies compile 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.

U.S. law states you are entitled to one credit report per year for free. This will allow you to see your credit score, and any factors that might be hurting it, which can help you improve it in the future. You should be aware, however, that many websites offering a "free" credit report will start charging you a monthly fee a month after you register, and then make it very difficult for you to cancel your membership, requiring you to do so over the phone rather than online. They also may only tell you about this fee in the fine print.a

How Can I Improve My Credit Score in Grand Forks, North Dakota?

To improve your credit score, you can do a few fairly simple things. First, you should check your credit report for mistakes, and report them to the credit bureau so they can be corrected. Also, you should show that you are willing to use credit, but able to do so responsibly. For example, using a credit card for a few modest purchases per week in Grand Forks, then paying the entire amount at the end of the month.

Credit reports are primarily meant to be used by lenders to determine the risk of a prospective borrower. For this reason, how one handles debt is a major factor in one's credit score. Paying all of your debts in a timely manner is a good way to keep a high credit score.

How Can a Grand Forks, North Dakota Lawyer Help?

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