Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Most people living in Hood River, Oregon 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 Hood River, Oregon?
If you're having trouble getting credit in Hood River, Oregon the most likely reason is that you have no credit history, or a bad credit score. In Hood River, Oregon, credit reports are prepared by private companies that have access to a great deal of financial information about almost anyone who has a Social Security Number. These companies are called "credit bureaus." They collect relevant information, such as one's credit-to-debt ratio, and past-due payments, and use complex mathematical algorithms to produce a numerical score. Very few people know what these exact formulas are, since they are well-guarded trade secrets.
Under federal law, you are legally entitled to see your credit report for free, once per year, which will let you view what factors are affecting 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 start 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 Hood River, Oregon?
To improve your credit rating, there are countless things you can do. First, you should check your credit report for mistakes and report them to the credit bureau. These companies can make errors like anyone else, and sometimes these errors can damage your score. Also, it's good to show that you know how to use credit responsibly. For example, a person in Hood River with no credit history can rapidly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the entire balance at the end of each billing cycle.
Because credit reports are meant to be used by possible lenders to determine 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 Hood River, Oregon Lawyer Help?
A good attorney specializing in consumer bankruptcy or other consumer finance issues in Hood River, Oregon can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an attorney can make the navigation of them much easier.