Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Many people in Greeneville, 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 Greeneville, Tennessee?
If you can't get credit in Greeneville, Tennessee, the most likely reason is that you have a poor credit score. Credit scores in Greeneville, Tennessee are compiled by private companies known as "credit bureaus." These companies compile 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.
In the U.S., you have a legal right to view your credit report for free, once per year. This is a good opportunity to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you usually have to do so over the phone, and can't do it online.
How Can I Improve My Credit Score in Greeneville, 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. Also, it's good to show that you know how to use credit responsibly. For example, a person in Greeneville with no credit history can quickly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the whole balance at the end of each billing cycle.
Because credit reports are primarily meant to make it easier for potential lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.
How Can a Greeneville, Tennessee Lawyer Help?
An experienced Greeneville, 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.