Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Most people living in Connellsville, 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 Connellsville, Pennsylvania?
If you can't get credit in Connellsville, Pennsylvania, it could be because you have a bad credit score, or simply don't have any credit history. In Connellsville, Pennsylvania, credit scores are created by private corporations called "credit bureaus." These companies compile 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 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 Connellsville, Pennsylvania?
To improve your credit, there are many things you can do. First of all, you should report any mistakes you see on your credit report to the credit bureau. These companies sometimes make errors, and some of them can seriously damage your credit score. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Connellsville may get a credit card, and use it for a few affordable purchases every month, and then pay down the whole balance at the end of the month. This is a good way to quickly obtain a good credit score.
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 Connellsville, Pennsylvania Lawyer Help?
A good Attorney who practices consumer bankruptcy or other financial practice areas in Connellsville, Pennsylvania can be extremely helpful in resolving consumer debt issues. These issues can be very complex, and an Lawyer can make it much easier to navigate them.