Broadly defined, consumer credit is any type of loan extended to individuals in order to buy consumer goods. Most people living in Bristow, Oklahoma 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 Bristow, Oklahoma?

If you can't get credit in Bristow, Oklahoma, the most likely reason is that you have a poor credit score. In Bristow, Oklahoma, private companies called "credit bureaus" compile a person's credit score using all available information about their finances, including their debt-to-credit ratio, records of evictions, and late payments. All of this information is fed into complex mathematical algorithms that calculate a numerical score. Exactly how these scores are calculated is known to very few people, since the formulas used are tightly-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 usually have to do so over the phone, and can't do it online.

How Can I Improve My Credit Score in Bristow, Oklahoma?

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 usually fix it. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Bristow might get a credit card, and use it for a few affordable 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.

Because credit reports are meant to be used by potential lenders to assess 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 Bristow, Oklahoma Lawyer Help?

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