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

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

If you can't get credit in Twinsburg, Ohio, the most likely reason is that you have a poor credit score. In Twinsburg, 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 people exactly how your credit score is calculated, because the formulas used by these companies are closely-guarded trade secrets.

In the U.S., you have a legal right to view your credit report for free, once per year. This is a good opportunity to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you normally have to do so over the phone, and can't do it online.

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

The first thing you can do to improve your credit score is to check your report for errors. These companies are not infallible, and sometimes make mistakes in compiling your credit report, including very serious ones. If you find an error, you should report it to the credit bureau, and they will normally fix it. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Twinsburg might get a credit card, and use it for a few modest purchases each month, and then pay down the entire 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 assess 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 maintain a high credit score.

How Can a Twinsburg, Ohio Lawyer Help?

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