Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Many people in North Braddock, 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 North Braddock, Pennsylvania?
If you're having trouble getting credit in North Braddock, Pennsylvania the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in North Braddock, 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 have a right to view your own credit report once a year, for free (you can, of course, view 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 North Braddock, Pennsylvania?
To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to be corrected. Also, it's good to show that you know how to use credit responsibly. For example, a person in North Braddock with no credit history can quickly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the whole balance at the end of each billing cycle.
Credit reports are a tool for lenders to assess how risky it is to loan money to someone. Therefore, showing that you routinely pay your debts in a timely manner is the best way to maintain a good score.
How Can a North Braddock, Pennsylvania Lawyer Help?
A good Lawyer specializing in consumer bankruptcy or other consumer finance issues in North Braddock, Pennsylvania can be instrumental in resolving consumer debt issues. These issues can be complex and frustrating, and a Lawyer can make the navigation of them much easier.