Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Many people in Tarentum, 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 Tarentum, Pennsylvania?
If you're having trouble getting credit in Tarentum, Pennsylvania the most likely reason is that you have no credit history, or a bad credit score. In Tarentum, 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 collect 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 have a right to see your own credit report once a year, for free (you can, of course, see 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 Tarentum, Pennsylvania?
To improve your credit, there are many things you can do. First of all, you should report any mistakes you see on your credit report to the credit bureau. These companies sometimes make errors, and some of them can seriously damage your credit score. Also, you should show that you are willing to use credit, but able to do so responsibly. For example, using a credit card for a few modest purchases per week in Tarentum, then paying the entire amount at the end of the month.
Credit reports are primarily meant to be used by lenders to determine 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 keep a high credit score.
How Can a Tarentum, Pennsylvania Lawyer Help?
An experienced Tarentum, Pennsylvania Lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.