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

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

If you can't get credit in Clayton, Ohio, the most likely explanation is that you have a bad credit score. In Clayton, Ohio, private companies called "credit bureaus" gather 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 equations that calculate a numerical score. Precisely how these scores are calculated is known to very few people, since the formulas used are tightly-guarded trade secrets.

U.S. law states you are entitled to one credit report per year for free. This will allow you to see your credit score, and any factors that might be hurting it, which can help you improve it in the future. You should be aware, however, that various websites offering a "free" credit report will start charging you a monthly fee a month after you register, and then make it very hard for you to cancel your membership, requiring you to do so over the phone rather than online. They also may only tell you about this fee in the fine print.a

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

To make your credit rating better, there are a few simple things you can do. First of all, you should check your report for mistakes 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 modest purchases per week in Clayton, then paying the entire amount at the end of the month.

Because credit reports are meant to be used by possible lenders to determine somebody's risk as a borrower, showing that you always (or close to it) pay your debts in a timely manner is the best way to improve your credit score, and to keep it high.

How Can a Clayton, Ohio Lawyer Help?

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