Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Most people living in Dauphin 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 Dauphin County, Pennsylvania?
If you can't get credit in Dauphin County, Pennsylvania, it could be because you have a poor credit score, or simply don't have any credit history. In Dauphin County, Pennsylvania, private companies called "credit bureaus" collect a person's credit score using all available information about their finances, including their debt-to-credit ratio, records of evictions, and late payments. All of this information is fed into complex mathematical algorithms that calculate a numerical score. Exactly how these scores are calculated is known to very few people, since the formulas used are tightly-guarded trade secrets.
Under federal law, you are legally entitled to view your credit report for free, once per year, which will let you see what factors are hurting 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 begin 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 Dauphin County, Pennsylvania?
To improve your credit rating, there are numerous things you can do. First, you should check your credit report for errors and report them to the credit bureau. These companies can make mistakes like anyone else, and sometimes these errors can damage your rating. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Dauphin County, and want to quickly build a positive credit rating, you can get a credit card, and make a few very small purchases with it each month. Make sure you don't run up a balance that you can't immediately pay off in full, and at the end of each month, pay the entire balance.
Credit reports are meant to be a tool for lenders to easily assess a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be very effective in creating a good credit score.
How Can a Dauphin County, Pennsylvania Lawyer Help?
A good lawyer in Dauphin County, Pennsylvania can be extremely useful in helping you resolve any consumer credit issue, such as bankruptcy, or getting errors removed from your report if the credit bureau is being difficult.