Consumer credit is any form of loan provided by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Many people in Bluefield, West Virginia deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the biggest sources of individual debt in the U.S.
Why can't I Get Credit in Bluefield, West Virginia?
If you're having trouble getting credit in Bluefield, West Virginia the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Bluefield, West Virginia are compiled by private companies known as "credit bureaus." These companies collect all the available information about a person's finances, and then give them a numerical score, which provides a quick determination of the risk they represent to a lender. The exact formulas that these companies use to generate credit scores are closely-guarded trade secrets.
In the U.S., you have a legal right to view your credit report for free, once per year. This is a good chance to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you typically have to do so over the phone, and can't do it online.
How Can I Improve My Credit Score in Bluefield, West Virginia?
To improve your credit rating, there are countless 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 Bluefield 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.
Credit reports are generally meant to be used by lenders to determine the risk of a prospective borrower. For this reason, how one handles debt is a major factor in one's credit score. Paying all of your debts in a timely manner is a good way to keep a high credit score.
How Can a Bluefield, West Virginia Lawyer Help?
A good attorney specializing in consumer bankruptcy or other consumer finance issues in Bluefield, West Virginia can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an attorney can make the navigation of them much easier.