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 Macedonia, Ohio probably deal with consumer credit every day in the form of credit cards.

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

If you are unable to get credit in Macedonia, Ohio, it might be because you have a poor credit score. Credit scores in Macedonia, Ohio are calculated by private companies known as "credit bureaus." These entities compile all the available information about your finances, look at how much debt you have, if you've paid it back in a timely manner, and other factors, and calculate a numerical score. This number provides potential lenders with a quick assessment of how risky it is to lend money to a person. The exact formulas that these companies employ to create credit scores are 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 clearly opt out.

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

To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to be corrected. It also helps to show that you are willing to use credit, but can do so responsibly. For example, if you have little to no credit history in Macedonia you might consider getting a credit card, making a few small purchases each month on it, and then paying off the balance in full at the end of each month. This takes a bit of discipline, but it is a good way to quickly establish a good credit rating.

Credit reports are meant to be a tool for lenders to easily assess a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be very effective in creating a good credit score.

How Can a Macedonia, Ohio Lawyer Help?

A good lawyer specializing in consumer bankruptcy or other consumer finance issues in Macedonia, 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.