Broadly defined, consumer credit is any form of loan provided to individuals in order to buy consumer goods. Most people living in Bucks County, Pennsylvania 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 Bucks County, Pennsylvania?
If you can't get credit in Bucks County, Pennsylvania, it could be because you have a bad credit score, or simply don't have any credit history. In Bucks County, Pennsylvania, credit scores are created by private corporations called "credit bureaus." These companies collect all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many individuals exactly how your credit score is calculated, because the formulas used by these companies are closely-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 specifically opt out.
How Can I Improve My Credit Score in Bucks County, Pennsylvania?
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, it's good to show that you know how to use credit responsibly. For example, a person in Bucks County 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 generally meant to make it easier for possible lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.
How Can a Bucks County, Pennsylvania Lawyer Help?
An experienced Bucks County, Pennsylvania 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.