Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Most people in Grantsville, Utah probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Grantsville, Utah?
If you're having trouble getting credit in Grantsville, Utah the most likely explanation is that you have no credit history, or a poor credit score. In Grantsville, Utah, private companies called "credit bureaus" compile a person's credit score using all available information about their finances, including their debt-to-credit ratio, records of evictions, and late payments. All of this information is fed into complex mathematical algorithms that calculate a numerical score. Exactly how these scores are calculated is known to very few people, since the formulas used are tightly-guarded trade secrets.
Under federal law, you are legally entitled to view your credit report for free, once per year, which will let you see what factors are hurting your credit, and report any errors to the company. Many websites have been set up to give you easy access to this information. However, most of them require registration with a credit card, and will begin charging you a monthly fee once your free trial period is up, unless you explicitly opt out.
How Can I Improve My Credit Score in Grantsville, Utah?
To improve your credit, there are many 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 Grantsville might get a credit card, and use it for a few affordable 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 primarily 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 Grantsville, Utah Lawyer Help?
An experienced Grantsville, Utah 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.