Broadly defined, consumer credit is any form of loan given to individuals in order to buy consumer goods. Most people living in Steubenville, 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 Steubenville, Ohio?
If you can't get credit in Steubenville, Ohio, the most likely explanation is that you have a bad credit score. In Steubenville, 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 U.S. law, you have a right to see your own credit report once a year, for free (you can, of course, see it more times than that, but you'll likely have to pay a credit bureau. You should be cautious, however. Many websites claim to offer "free" credit reports, but require a credit card number in order to register. If you do not clearly cancel your membership (which can usually only be done over the phone, and not online), they will start charging you a monthly fee.
How Can I Improve My Credit Score in Steubenville, Ohio?
To improve your credit, there are various things you can do. First of all, you should report any mistakes you see on your credit report to the credit bureau. These companies sometimes make errors, and some of them can seriously damage your credit score. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Steubenville 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.
Credit reports are usually meant to be used by lenders to determine the risk of a prospective borrower. For this reason, how one handles debt is a major factor in one's credit score. Paying all of your debts in a timely manner is a good way to keep a high credit score.
How Can a Steubenville, Ohio Lawyer Help?
A good attorney specializing in consumer bankruptcy or other consumer finance issues in Steubenville, Ohio can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an attorney can make the navigation of them much easier.