Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Most people in Tarrant County, Texas probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Tarrant County, Texas?
If you're having trouble getting credit in Tarrant County, Texas the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Tarrant 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.
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 hurting your credit, and to report any false information contained in your report. There are many 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 hard by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Tarrant County, 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. It also helps to show that you are willing to use credit, but can do so responsibly. For example, if you have little to no credit history in Tarrant County you might consider getting a credit card, making a few small purchases each month on it, and then paying off the balance in full at the end of each month. This takes a bit of discipline, but it is a good way to quickly establish a good credit rating.
Because credit reports are usually 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 Tarrant County, Texas Lawyer Help?
A good lawyer who practices consumer bankruptcy or other financial practice areas in Tarrant County, Texas can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.