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 Fairborn, Ohio probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Fairborn, Ohio?
If you are unable to get credit in Fairborn, Ohio, it might be because you have a poor credit score. Credit scores in Fairborn, Ohio are compiled by private companies known as "credit bureaus." These companies collect all the available information about a person's finances, and then assign them a numerical score, which provides a quick assessment of the risk they represent to a lender. The exact formulas that these companies use to generate credit scores are closely-guarded trade secrets.
Under U.S. law, you are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's hurting your credit, and to report any false information contained in your report. There are numerous websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this challenging by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Fairborn, Ohio?
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. 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 inexpensive purchases per week in Fairborn, then paying the entire balance at the end of the month.
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 Fairborn, Ohio Lawyer Help?
A good lawyer who practices consumer bankruptcy or other financial practice areas in Fairborn, Ohio can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.