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 Camas, 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 Camas, Washington?
If you are unable to get credit in Camas, Washington, it may be because you have a bad credit score. Credit scores in Camas, 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 Camas, Washington?
To improve your credit score, you can do a few fairly simple things. First, you should check your credit report for mistakes, and report them to the credit bureau so they can be corrected. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Camas may get a credit card, and use it for a few inexpensive 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 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 Camas, Washington Lawyer Help?
An experienced Camas, Washington 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.