Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Many people in Bartlett, Tennessee deal with at least one common type of consumer credit on a regular basis: credit cards. Credit card debt is one of the largest sources of individual debt in the U.S.

Why can't I Get Credit in Bartlett, Tennessee?

If you can't get credit in Bartlett, Tennessee, the most likely reason is that you have a poor credit score. Credit scores in Bartlett, Tennessee are compiled by private companies known as "credit bureaus." These companies collect 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.

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 numerous websites offering a "free" credit report will begin charging you a monthly fee a month after you register, and then make it very challenging for you to cancel your membership, requiring you to do so over the phone rather than online. They also sometimes only tell you about this fee in the fine print.a

How Can I Improve My Credit Score in Bartlett, Tennessee?

To improve your credit, there are numerous 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 Bartlett, then paying the entire balance at the end of the month.

Credit reports are generally meant to be used by lenders to assess 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 maintain a high credit score.

How Can a Bartlett, Tennessee Lawyer Help?

An experienced Bartlett, Tennessee 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.