Broadly defined, consumer credit is any form of loan given to individuals in order to buy consumer goods. Most individuals in Bountiful, Utah probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Bountiful, Utah?
If you're having trouble getting credit in Bountiful, Utah the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Bountiful, Utah are calculated by private companies known as "credit bureaus." These entities compile all the available information about your finances, look at how much debt you have, if you've paid it back in a timely manner, and other factors, and calculate a numerical score. This number provides possible lenders with a quick assessment of how risky it is to lend money to a person. The exact formulas that these companies employ to create credit scores are trade secrets.
Under U.S. law, you have a right to see your own credit report once a year, for free (you can, of course, see 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 Bountiful, Utah?
To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes and report them to the credit bureau to be corrected. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Bountiful may get a credit card, and use it for a few modest purchases every month, and then pay down the whole balance at the end of the month. This is a good way to quickly obtain a good credit score.
Because credit reports are meant to be used by possible lenders to determine somebody's risk as a borrower, showing that you always (or close to it) pay your debts in a timely manner is the best way to improve your credit score, and to keep it high.
How Can a Bountiful, Utah Lawyer Help?
A good attorney specializing in consumer bankruptcy or other consumer finance issues in Bountiful, Utah can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an attorney can make the navigation of them much easier.