Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Most people living in Sandy, Oregon 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 Sandy, Oregon?
If you're having trouble getting credit in Sandy, Oregon the most likely explanation is that you have no credit history, or a poor credit score. In Sandy, 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 take relevant information, such as one's credit-to-debt ratio, and past-due payments, and use complex mathematical equations to generate a numerical score. Relatively few people know what these exact formulas are, since they are well-guarded 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 Sandy, Oregon?
To improve your credit, there are numerous things you can do. First of all, you should report any errors you see on your credit report to the credit bureau. These companies sometimes make mistakes, and some of them can seriously damage your credit score. 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 Sandy, 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 Sandy, Oregon Lawyer Help?
A good Lawyer who practices consumer bankruptcy or other financial practice areas in Sandy, Oregon 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.