Consumer credit is any type of loan provided by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Many people in Torrington, Wyoming 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 Torrington, Wyoming?

If you are unable to get credit in Torrington, Wyoming, it might be because you have a poor credit score. In Torrington, Wyoming, 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 gather 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 specifically opt out.

How Can I Improve My Credit Score in Torrington, Wyoming?

To improve your credit, there are numerous things you can do. First of all, you should report any errors you see on your credit report to the credit bureau. These companies sometimes make mistakes, and some of them can seriously damage your credit score. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Torrington might get a credit card, and use it for a few inexpensive 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 generally 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 Torrington, Wyoming Lawyer Help?

An experienced Torrington, Wyoming 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.