Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Many people in Brentwood, 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 Brentwood, Tennessee?

If you can't get credit in Brentwood, Tennessee, the most likely reason is that you have a poor credit score. Credit scores in Brentwood, Tennessee 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.

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 various websites offering a "free" credit report will begin charging you a monthly fee a month after you register, and then make it very hard 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 Brentwood, Tennessee?

To improve your credit rating, you can do a few relatively simple things. First, you should check your credit report for errors, and report them to the credit bureau so they can be corrected. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Brentwood, and want to quickly build a positive credit rating, you can get a credit card, and make a few very small purchases with it each month. Make sure you don't run up a balance that you can't immediately pay off in full, and at the end of each month, pay the entire balance.

Credit reports are meant to be a tool for lenders to easily assess a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be very effective in creating a good credit score.

How Can a Brentwood, Tennessee Lawyer Help?

A good lawyer specializing in consumer bankruptcy or other consumer finance issues in Brentwood, Tennessee can be instrumental in resolving consumer debt issues. These issues can be complex and frustrating, and a lawyer can make the navigation of them much easier.