Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Many people in Westmoreland County, 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 Westmoreland County, Pennsylvania?
If you can't get credit in Westmoreland County, Pennsylvania, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Westmoreland County, Pennsylvania are compiled by private companies known as "credit bureaus." These companies gather 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.
Under U.S. law, you have a right to view your own credit report once a year, for free (you can, of course, view 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 clearly 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 Westmoreland County, Pennsylvania?
To improve your credit, there are various 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. 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 inexpensive purchases per week in Westmoreland County, then paying the entire balance at the end of the month.
Credit reports are a tool for lenders to assess how risky it is to loan money to someone. Therefore, showing that you routinely pay your debts in a timely manner is the best way to maintain a good score.
How Can a Westmoreland County, Pennsylvania Lawyer Help?
An experienced Westmoreland County, Pennsylvania attorney specializing in consumer financial issues can help if you believe that your credit score reflects false information, or if you think a third party has maliciously damaged it.