Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Many people in Mckees Rocks, 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 Mckees Rocks, Pennsylvania?
The most likely reason as to why a Mckees Rocks, Pennsylvania bank won't give you a credit card or loan is that you have poor credit. In Mckees Rocks, 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.
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 many websites offering a "free" credit report will start charging you a monthly fee a month after you register, and then make it very difficult for you to cancel your membership, requiring you to do so over the phone rather than online. They also may only tell you about this fee in the fine print.a
How Can I Improve My Credit Score in Mckees Rocks, Pennsylvania?
To improve your credit score, you can do a few fairly simple things. First, you should check your credit report for mistakes, and report them to the credit bureau so they can be corrected. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Mckees Rocks, and want to rapidly build a good credit score, you can get a credit card, and make a few very small purchases with it every 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 whole balance.
Because credit reports are primarily 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 Mckees Rocks, Pennsylvania Lawyer Help?
An experienced Mckees Rocks, 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.