Credit, broadly defined, is the provision of money on the assumption that compensation for it will come later, or over time. Consumer credit is simply credit extended to individuals in order to purchase consumer goods or services. Most people in Bexley, Ohio probably deal with consumer credit every day in the form of credit cards.

Why can't I Get Credit in Bexley, Ohio?

If you can't get credit in Bexley, Ohio, the most likely reason is that you have a poor credit score. In Bexley, Ohio, private companies called "credit bureaus" compile a person's credit score using all available information about their finances, including their debt-to-credit ratio, records of evictions, and late payments. All of this information is fed into complex mathematical algorithms that calculate a numerical score. Exactly how these scores are calculated is known to very few people, since the formulas used are tightly-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 explicitly opt out.

How Can I Improve My Credit Score in Bexley, Ohio?

To improve your credit, there are many 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 will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Bexley, and want to quickly build a positive credit rating, you can get a credit card, and make a few very small purchases with it each month. Make sure you don't run up a balance that you can't immediately pay off in full, and at the end of each month, pay the entire balance.

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 Bexley, Ohio Lawyer Help?

A good lawyer specializing in consumer bankruptcy or other consumer finance issues in Bexley, Ohio can be instrumental in resolving consumer debt issues. These issues can be complex and frustrating, and a lawyer can make the navigation of them much easier.