Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Most people living in Pryor Creek, Oklahoma deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the largest sources of consumer debt in the United States.
Why can't I Get Credit in Pryor Creek, Oklahoma?
If you're having trouble getting credit in Pryor Creek, Oklahoma the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Pryor Creek, Oklahoma are calculated by private companies known as "credit bureaus." These entities gather all the available information about your finances, look at how much debt you have, if you've paid it back in a timely manner, and other factors, and calculate a numerical score. This number provides potential lenders with a quick determination of how risky it is to lend money to a person. The exact formulas that these companies employ to create credit scores are trade secrets.
Under U.S. law, you have a right to view your own credit report once a year, for free (you can, of course, view 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 explicitly 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 Pryor Creek, Oklahoma?
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. 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 inexpensive purchases per week in Pryor Creek, then paying the entire balance at the end of the month.
Credit reports are a tool for lenders to assess how risky it is to loan money to someone. Therefore, showing that you routinely pay your debts in a timely manner is the best way to maintain a good score.
How Can a Pryor Creek, Oklahoma Lawyer Help?
A good Lawyer who practices consumer bankruptcy or other financial practice areas in Pryor Creek, Oklahoma 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.