Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Many people in Wilkes Barre, 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 Wilkes Barre, Pennsylvania?
If you can't get credit in Wilkes Barre, Pennsylvania, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Wilkes Barre, 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 Wilkes Barre, Pennsylvania?
To improve your credit rating, there are numerous things you can do. First, you should check your credit report for errors and report them to the credit bureau. These companies can make mistakes like anyone else, and sometimes these errors can damage your rating. 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 Wilkes Barre, then paying the entire balance at the end of the month.
Because credit reports are meant to be used by potential lenders to assess 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 Wilkes Barre, Pennsylvania Lawyer Help?
A good lawyer who practices consumer bankruptcy or other financial practice areas in Wilkes Barre, Pennsylvania can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.