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 Gallipolis, Ohio probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Gallipolis, Ohio?
If you are unable to get credit in Gallipolis, Ohio, it may be because you have a bad credit score. Credit scores in Gallipolis, Ohio are compiled by private companies known as "credit bureaus." These companies gather 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 various 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 hard by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Gallipolis, 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. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Gallipolis may get a credit card, and use it for a few modest purchases every month, and then pay down the whole balance at the end of the month. This is a good way to quickly obtain a good credit score.
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 Gallipolis, Ohio Lawyer Help?
A good Gallipolis, Ohio Attorney knowledgeable in consumer finance issues can help you address the more complicated problems that may arise in this area, such as a credit bureau's refusal to remove an mistake from a credit report, identity theft, or a third party trying to maliciously harm your credit score.