Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Many people in Oil City, 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 Oil City, Pennsylvania?
If you're having trouble getting credit in Oil City, Pennsylvania the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Oil City, Pennsylvania are compiled by private companies known as "credit bureaus." These companies collect 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.
In the U.S., you have a legal right to view your credit report for free, once per year. This is a good opportunity to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you typically have to do so over the phone, and can't do it online.
How Can I Improve My Credit Score in Oil City, Pennsylvania?
To improve your credit, there are numerous things you can do. First of all, you should report any errors you see on your credit report to the credit bureau. These companies sometimes make mistakes, and some of them can seriously damage your credit score. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Oil City might get a credit card, and use it for a few inexpensive 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.
Because credit reports are meant to be used by potential lenders to assess somebody's risk as a borrower, showing that you always (or close to it) pay your debts in a timely manner is the best way to improve your credit score, and to keep it high.
How Can a Oil City, Pennsylvania Lawyer Help?
A good Lawyer who practices consumer bankruptcy or other financial practice areas in Oil City, Pennsylvania can be very helpful in resolving consumer debt issues. These issues can be very complex, and an Attorney can make it much easier to navigate them.