Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Many people in West Mifflin, 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 West Mifflin, Pennsylvania?
If you can't get credit in West Mifflin, Pennsylvania, it could be because you have a bad credit score, or simply don't have any credit history. Credit scores in West Mifflin, 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.
U.S. law states you are entitled to one credit report per year for free. This will allow you to see your credit score, and any factors that might be hurting it, which can help you improve it in the future. You should be aware, however, that many websites offering a "free" credit report will start charging you a monthly fee a month after you register, and then make it very difficult for you to cancel your membership, requiring you to do so over the phone rather than online. They also may only tell you about this fee in the fine print.a
How Can I Improve My Credit Score in West Mifflin, Pennsylvania?
To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes 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 West Mifflin 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 primarily meant to make it easier for possible lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.
How Can a West Mifflin, Pennsylvania Lawyer Help?
An experienced West Mifflin, 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.