Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Many people in Mount Pleasant, Pennsylvania deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the largest sources of individual debt in the U.S.
Why can't I Get Credit in Mount Pleasant, Pennsylvania?
If you're having trouble getting credit in Mount Pleasant, Pennsylvania the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Mount Pleasant, Pennsylvania are compiled by private companies known as "credit bureaus." These companies compile all the available information about a person's finances, and then assign them a numerical score, which provides a quick assessment of the risk they represent to a lender. The exact formulas that these companies use to generate credit scores are closely-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 hurting your credit, and to report any false information contained in your report. There are many 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 difficult by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Mount Pleasant, Pennsylvania?
To improve your credit rating, you can do a few relatively simple things. First, you should check your credit report for errors, and report them to the credit bureau so they can be corrected. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Mount Pleasant might get a credit card, and use it for a few affordable purchases each month, and then pay down the entire balance at the end of the month. This is a good way to quickly obtain a good credit score.
Credit reports are primarily meant to be used by lenders to assess the risk of a prospective borrower. For this reason, how one handles debt is a major factor in one's credit score. Paying all of your debts in a timely manner is a good way to maintain a high credit score.
How Can a Mount Pleasant, Pennsylvania Lawyer Help?
An experienced Mount Pleasant, Pennsylvania attorney specializing in consumer financial issues can help if you believe that your credit score reflects false information, or if you think a third party has maliciously damaged it.