Consumer credit is any form of loan given by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Most people living in Quantico, Virginia deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the biggest sources of consumer debt in the United States.
Why can't I Get Credit in Quantico, Virginia?
If you're having trouble getting credit in Quantico, Virginia the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Quantico, Virginia 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 federal law, you are legally entitled to see your credit report for free, once per year, which will let you view what factors are affecting 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 start charging you a monthly fee once your free trial period is up, unless you clearly opt out.
How Can I Improve My Credit Score in Quantico, Virginia?
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 Quantico 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 usually meant to make it easier for possible 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 Quantico, Virginia Lawyer Help?
An experienced Quantico, Virginia lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.