Consumer credit is any form of loan provided by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Most people living in Black Diamond, Washington 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 Black Diamond, Washington?

If you are unable to get credit in Black Diamond, Washington, it may be because you have a bad credit score. Credit scores in Black Diamond, Washington are calculated by private companies known as "credit bureaus." These entities gather 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 determination 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 specifically opt out.

How Can I Improve My Credit Score in Black Diamond, Washington?

To improve your credit rating, there are various things you can do. First, you should check your credit report for mistakes and report them to the credit bureau. These companies can make errors like anyone else, and sometimes these errors can damage your score. 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 Black Diamond you may 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 every month. This takes a bit of discipline, but it is a good way to rapidly establish a good credit rating.

Because credit reports are generally 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 Black Diamond, Washington Lawyer Help?

A good Attorney in Black Diamond, Washington can be very useful in helping you resolve any consumer credit issue, such as bankruptcy, or getting mistakes removed from your report if the credit bureau is being difficult.