Broadly defined, consumer credit is any form of loan provided to individuals in order to buy consumer goods. Many people in Big Spring, Texas deal with at least one common form of consumer credit on a regular basis: credit cards. Credit card debt is one of the biggest sources of individual debt in the U.S.
Why can't I Get Credit in Big Spring, Texas?
If you can't get credit in Big Spring, Texas, it could be because you have a bad credit score, or simply don't have any credit history. Credit scores in Big Spring, Texas are compiled by private companies known as "credit bureaus." These companies collect all the available information about a person's finances, and then give them a numerical score, which provides a quick determination 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 start 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 may only tell you about this fee in the fine print.a
How Can I Improve My Credit Score in Big Spring, Texas?
To improve your credit score, you can do a few fairly simple things. First, you should check your credit report for mistakes, and report them to the credit bureau so they can be corrected. 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 modest purchases per week in Big Spring, then paying the entire amount at the end of the month.
Credit reports are meant to be a tool for lenders to easily determine a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be extremely effective in creating a good credit score.
How Can a Big Spring, Texas Lawyer Help?
An experienced Big Spring, Texas lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.