Paterson Consumer Credit Services

Find the right Consumer Credit attorney in Paterson, NJ

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 Paterson, New Jersey deal with 1 type of consumer credit almost every day: credit cards. These tiny pieces of plastic are one of the biggest sources of consumer debt in the United States.

Why can't I Get Credit in Paterson, New Jersey?

The most likely explanation as to why a Paterson, New Jersey bank won't give you a credit card or loan is that you have bad credit. In Paterson, New Jersey, 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.

In the U.S., you have a legal right to view your credit report for free, once per year. This is a good opportunity to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you typically have to do so over the phone, and can't do it online.

How Can I Improve My Credit Score in Paterson, New Jersey?

The first thing you can do to improve your credit score is to check your report for errors. These companies are not infallible, and sometimes make mistakes in compiling your credit report, including very serious ones. If you find an error, you should report it to the credit bureau, and they will typically fix it. 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 Paterson 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.

Credit reports are generally meant to be used by lenders to assess 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 maintain a high credit score.

How Can a Paterson, New Jersey Lawyer Help?

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

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Paterson

Paterson, New Jersey is the county seat of Passaic County. It has a population of about 147,000 people, making it the third largest city in New Jersey.

Paterson, NJ became known as the "silk city" in the late 19th Century, due to its dominance in the silk-production industry. Paterson, NJ became a major center for other industries in the 20th century, thanks in large part to the presence of the Great Falls, a large waterfall on the Passaic River, which provided much of the energy needed for factories and other heavy industries in Paterson, NJ.

Modernly, Great Falls, NJ is part of an Urban Enterprise Zone, which is a designation under New Jersey Law that stimulates economic growth in areas where it's needed, through reduced sales tax, a fast-track process for obtaining business licenses, and financial incentives, such as tax credits, for businesses that hire new workers. Many Paterson, NJ lawyers were involved in drafting these rules, as well as getting portions of Paterson, NJ designated as such.

Paterson is known for being the residence of Paterson, NJ lawyer Edward Masry, who led the lawsuit against PGE, which was dramatized in the film "Erin Brockovich."

There are many other Paterson, NJ lawyers who can help you with whatever legal issue you may be facing. If you believe that you might need legal representation, there's a very good chance that a Paterson, NJ lawyer can help you.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY