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

If you're having trouble getting credit in Nichols Hills, Oklahoma the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Nichols Hills, Oklahoma 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 Nichols Hills, Oklahoma?

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's also good to show that you can use credit responsibly. For example, someone with no credit history in Nichols Hills 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 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 Nichols Hills, Oklahoma Lawyer Help?

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