Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Many people in Palmerton, 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 Palmerton, Pennsylvania?
If you're having trouble getting credit in Palmerton, Pennsylvania the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Palmerton, Pennsylvania are compiled by private companies known as "credit bureaus." These companies compile all the available information about a person's finances, and then give them a numerical score, which provides a quick determination 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 chance 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 usually have to do so over the phone, and can't do it online.
How Can I Improve My Credit Score in Palmerton, 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, it's good to show that you know how to use credit responsibly. For example, a person in Palmerton with no credit history can rapidly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the entire balance at the end of each billing cycle.
Because credit reports are meant to be used by possible lenders to determine 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 Palmerton, Pennsylvania Lawyer Help?
A good Attorney specializing in consumer bankruptcy or other consumer finance issues in Palmerton, Pennsylvania can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an Attorney can make the navigation of them much easier.