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 Fairfield, Ohio probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Fairfield, Ohio?
If you are unable to get credit in Fairfield, Ohio, it may be because you have a bad credit score. Credit scores in Fairfield, Ohio are compiled by private companies known as "credit bureaus." These companies collect all the available information about a person's finances, and then give them a numerical score, which provides a quick determination 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 affecting your credit, and to report any incorrect information contained in your report. There are countless 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 Fairfield, Ohio?
To improve your credit score, you can do a few fairly simple things. First, you should check your credit report for mistakes, 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 modest purchases per week in Fairfield, then paying the entire amount at the end of the month.
Credit reports are a tool for lenders to determine how risky it is to loan money to someone. Therefore, showing that you consistently pay your debts in a timely manner is the best way to maintain a good score.
How Can a Fairfield, Ohio Lawyer Help?
An experienced Fairfield, Ohio lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.