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 Berlin, 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 Berlin, New Hampshire?

If you can't get credit in Berlin, New Hampshire, it could be because you have a poor credit score, or simply don't have any credit history. In Berlin, New Hampshire, credit scores are created by private corporations called "credit bureaus." These companies compile 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 explicitly opt out.

How Can I Improve My Credit Score in Berlin, 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 also helps to show that you are willing to use credit, but can do so responsibly. For example, if you have little to no credit history in Berlin you might consider getting a credit card, making a few small purchases each month on it, and then paying off the balance in full at the end of each month. This takes a bit of discipline, but it is a good way to quickly establish a good credit rating.

Because credit reports are primarily 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 Berlin, New Hampshire Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Berlin, New Hampshire 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.