Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Most people living in Purcell, Oklahoma deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the biggest sources of consumer debt in the United States.
Why can't I Get Credit in Purcell, Oklahoma?
If you're having trouble getting credit in Purcell, Oklahoma the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Purcell, Oklahoma are calculated by private companies known as "credit bureaus." These entities collect 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 possible lenders with a quick estimate 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 see your own credit report once a year, for free (you can, of course, see 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 affirmatively 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 Purcell, Oklahoma?
To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes 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 modest purchases per week in Purcell, then paying the entire amount at the end of the month.
Credit reports are a tool for lenders to determine how risky it is to loan money to someone. Therefore, showing that you consistently pay your debts in a timely manner is the best way to maintain a good score.
How Can a Purcell, Oklahoma Lawyer Help?
An experienced Purcell, Oklahoma lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.