Consumer credit is any type of loan given by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Many people in Keyser, West Virginia deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the largest sources of individual debt in the U.S.
Why can't I Get Credit in Keyser, West Virginia?
If you're having trouble getting credit in Keyser, West Virginia the most likely explanation is that you have no credit history, or a poor credit score. In Keyser, West Virginia, credit reports are prepared by private companies that have access to a great deal of financial information about almost anyone who has a Social Security Number. These companies are called "credit bureaus." They take relevant information, such as one's credit-to-debt ratio, and past-due payments, and use complex mathematical equations to generate a numerical score. Relatively few people know what these exact formulas are, since they are well-guarded trade secrets.
Under federal law, you are legally entitled to view your credit report for free, once per year, which will let you see what factors are hurting 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 begin 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 Keyser, West Virginia?
To improve your credit rating, you can do a few relatively simple things. First, you should check your credit report for errors, 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 Keyser might get a credit card, and use it for a few modest purchases each month, and then pay down the entire 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 potential 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 Keyser, West Virginia Lawyer Help?
An experienced Keyser, West Virginia attorney specializing in consumer financial issues can help if you believe that your credit score reflects false information, or if you think a third party has maliciously damaged it.