Broadly defined, consumer credit is any form of loan provided to individuals in order to buy consumer goods. Many people in Lewisburg, Pennsylvania deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the biggest sources of individual debt in the U.S.
Why can't I Get Credit in Lewisburg, Pennsylvania?
The most likely reason as to why a Lewisburg, Pennsylvania bank won't give you a credit card or loan is that you have poor credit. In Lewisburg, Pennsylvania, 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 collect relevant information, such as one's credit-to-debt ratio, and past-due payments, and use complex mathematical algorithms to produce a numerical score. Very few people know what these exact formulas are, since they are well-guarded trade secrets.
Under U.S. law, you are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's affecting your credit, and to report any incorrect information contained in your report. There are countless websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this challenging by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Lewisburg, Pennsylvania?
To improve your credit rating, there are countless things you can do. First, you should check your credit report for mistakes and report them to the credit bureau. These companies can make errors like anyone else, and sometimes these errors can damage your 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 modest purchases per week in Lewisburg, then paying the entire amount at the end of the month.
Credit reports are meant to be a tool for lenders to easily determine a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be extremely effective in creating a good credit score.
How Can a Lewisburg, Pennsylvania Lawyer Help?
An experienced Lewisburg, 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.