Consumer credit is any type of loan given by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Most people living in Pierce County, Washington deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the largest sources of consumer debt in the United States.

Why can't I Get Credit in Pierce County, Washington?

If you are unable to get credit in Pierce County, Washington, it might be because you have a poor credit score. In Pierce County, Washington, credit scores are created by private corporations called "credit bureaus." These companies gather all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many people exactly how your credit score is calculated, because the formulas used by these companies are closely-guarded trade secrets.

Under U.S. law, you are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's hurting your credit, and to report any false information contained in your report. There are many websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this hard by requiring that you cancel your membership by phone, rather than letting you do it online.

How Can I Improve My Credit Score in Pierce County, Washington?

To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to be corrected. Also, you should show that you are willing to use credit, but able to do so responsibly. For example, using a credit card for a few inexpensive purchases per week in Pierce County, then paying the entire balance at the end of the month.

Credit reports are a tool for lenders to assess how risky it is to loan money to someone. Therefore, showing that you routinely pay your debts in a timely manner is the best way to maintain a good score.

How Can a Pierce County, Washington Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Pierce County, Washington can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.