Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Many people in Anderson County, South Carolina 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 Anderson County, South Carolina?
If you can't get credit in Anderson County, South Carolina, it could be because you have a poor credit score, or simply don't have any credit history. In Anderson County, South Carolina, credit scores are created by private corporations called "credit bureaus." These companies collect all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many people exactly how your credit score is calculated, because the formulas used by these companies 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 explicitly 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 Anderson County, South Carolina?
To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to be corrected. 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 Anderson County, 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 Anderson County, South Carolina Lawyer Help?
A good lawyer who practices consumer bankruptcy or other financial practice areas in Anderson County, South Carolina 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.