Broadly defined, consumer credit is any type of loan given to individuals in order to buy consumer goods. Most people in Terrell Hills, Texas probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Terrell Hills, Texas?
If you're having trouble getting credit in Terrell Hills, Texas the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Terrell Hills, 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 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 clearly 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 Terrell Hills, 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's also good to show that you can use credit responsibly. For example, someone with no credit history in Terrell Hills might get a credit card, and use it for a few modest purchases each month, and then pay down the entire balance at the end of the month. This is a good way to quickly obtain a good credit score.
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 Terrell Hills, Texas Lawyer Help?
An experienced Terrell Hills, 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.