Broadly defined, consumer credit is any form of loan given to individuals in order to buy consumer goods. Most people living in Sidney, Ohio deal with at least one form of consumer credit every day: credit cards. In fact, credit cards are one of the biggest sources of consumer debt in the United States.

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

If you can't get credit in Sidney, Ohio, the most likely explanation is that you have a bad credit score. In Sidney, Ohio, credit scores are created by private corporations called "credit bureaus." These companies gather all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many individuals exactly how your credit score is calculated, because the formulas used by these companies are closely-guarded trade secrets.

Under federal law, you are legally entitled to see your credit report for free, once per year, which will let you view what factors are affecting 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 start 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 Sidney, 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 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 Sidney you may 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 every month. This takes a bit of discipline, but it is a good way to rapidly establish a good credit rating.

Because credit reports are usually meant to make it easier for possible lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.

How Can a Sidney, Ohio Lawyer Help?

A good Sidney, 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.