Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Many people in South Williamsport, 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 South Williamsport, Pennsylvania?

If you're having trouble getting credit in South Williamsport, Pennsylvania the most likely reason is that you have no credit history, or a bad credit score. In South Williamsport, 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 compile 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.

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 affecting your credit, and to report any incorrect information contained in your report. There are various 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 South Williamsport, Pennsylvania?

The first thing you can do to improve your credit score is to check your report for errors. These companies are not perfect, and sometimes make errors in compiling your credit report, including extremely serious ones. If you find an error, you should report it to the credit bureau, and they will usually fix it. It also helps to show that you are willing to use credit, but can do so responsibly. For example, if you have little to no credit history in South Williamsport you may consider getting a credit card, making a few small purchases each month on it, and then paying off the balance in full at the end of every month. This takes a bit of discipline, but it is a good way to rapidly establish a good credit rating.

Credit reports are a tool for lenders to determine how risky it is to loan money to someone. Therefore, showing that you consistently pay your debts in a timely manner is the best way to maintain a good score.

How Can a South Williamsport, Pennsylvania Lawyer Help?

A good Attorney who practices consumer bankruptcy or other financial practice areas in South Williamsport, Pennsylvania can be extremely helpful in resolving consumer debt issues. These issues can be very complex, and an Lawyer can make it much easier to navigate them.