Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Many people in Bexar County, Texas 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 Bexar County, Texas?
If you can't get credit in Bexar County, Texas, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Bexar County, Texas 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 Bexar County, Texas?
To improve your credit, there are various 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. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Bexar County, 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 a tool for lenders to assess how risky it is to loan money to someone. Therefore, showing that you routinely pay your debts in a timely manner is the best way to maintain a good score.
How Can a Bexar County, Texas Lawyer Help?
An experienced Bexar County, Texas 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.