Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Most people living in Allegheny County, Pennsylvania 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 Allegheny County, Pennsylvania?
If you can't get credit in Allegheny County, Pennsylvania, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Allegheny County, Pennsylvania are calculated by private companies known as "credit bureaus." These entities compile 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 assessment 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.
U.S. law states you are entitled to one credit report per year for free. This will allow you to see your credit score, and any factors that might be hurting it, which can help you improve it in the future. You should be aware, however, that various websites offering a "free" credit report will begin charging you a monthly fee a month after you register, and then make it very hard for you to cancel your membership, requiring you to do so over the phone rather than online. They also sometimes only tell you about this fee in the fine print.a
How Can I Improve My Credit Score in Allegheny County, Pennsylvania?
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 normally fix it. Also, it's good to show that you know how to use credit responsibly. For example, a person in Allegheny County with no credit history can quickly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the whole balance at the end of each billing cycle.
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 Allegheny County, Pennsylvania Lawyer Help?
An experienced Allegheny County, Pennsylvania attorney specializing in consumer financial issues can help if you believe that your credit score reflects false information, or if you think a third party has maliciously damaged it.