Credit, broadly defined, is the provision of money on the assumption that compensation for it will come later, or over time. Consumer credit is simply credit extended to individuals in order to purchase consumer goods or services. Many people in Bedford, New Hampshire deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the largest sources of individual debt in the U.S.

Why can't I Get Credit in Bedford, New Hampshire?

If you can't get credit in Bedford, New Hampshire, it could be because you have a poor credit score, or simply don't have any credit history. In Bedford, New Hampshire, credit scores are created by private corporations called "credit bureaus." These companies collect all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many people exactly how your credit score is calculated, because the formulas used by these companies are closely-guarded trade secrets.

Under federal law, you are legally entitled to view your credit report for free, once per year, which will let you see what factors are hurting your credit, and report any errors to the company. Many websites have been set up to give you easy access to this information. However, most of them require registration with a credit card, and will begin charging you a monthly fee once your free trial period is up, unless you specifically opt out.

How Can I Improve My Credit Score in Bedford, New Hampshire?

To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors 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 Bedford might get a credit card, and use it for a few inexpensive 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 meant to be used by potential lenders to assess 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 Bedford, New Hampshire Lawyer Help?

A good lawyer specializing in consumer bankruptcy or other consumer finance issues in Bedford, New Hampshire can be instrumental in resolving consumer debt issues. These issues can be complex and frustrating, and a lawyer can make the navigation of them much easier.