Broadly defined, consumer credit is any form of loan provided to individuals in order to buy consumer goods. Most individuals in Stephenville, Texas probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Stephenville, Texas?
If you're having trouble getting credit in Stephenville, Texas the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Stephenville, 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.
Under U.S. law, you are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's affecting your credit, and to report any incorrect information contained in your report. There are countless websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this challenging by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Stephenville, 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 Stephenville, then paying the entire amount at the end of the month.
Credit reports are a tool for lenders to determine how risky it is to loan money to someone. Therefore, showing that you consistently pay your debts in a timely manner is the best way to maintain a good score.
How Can a Stephenville, Texas Lawyer Help?
A good attorney who practices consumer bankruptcy or other financial practice areas in Stephenville, Texas can be extremely helpful in resolving consumer debt issues. These issues can be very complex, and an lawyer can make it much easier to navigate them.