Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Many people in Bryan, 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 Bryan, Texas?
If you can't get credit in Bryan, Texas, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Bryan, Texas 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.
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 affirmatively 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 Bryan, Texas?
To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to 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 inexpensive purchases per week in Bryan, then paying the entire balance at the end of the month.
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 Bryan, Texas Lawyer Help?
An experienced Bryan, 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.