Broadly defined, consumer credit is any type of loan provided to individuals in order to buy consumer goods. Many people in Church Hill, 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 Church Hill, Tennessee?
If you can't get credit in Church Hill, Tennessee, the most likely reason is that you have a poor credit score. Credit scores in Church Hill, 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.
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 Church Hill, 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 Church Hill, 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 Church Hill, Tennessee Lawyer Help?
An experienced Church Hill, 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.