Broadly defined, consumer credit is any form of loan extended to individuals in order to buy consumer goods. Many people in Dayton, Texas deal with at least one common form of consumer credit on a regular basis: credit cards. Credit card debt is one of the biggest sources of individual debt in the U.S.

Why can't I Get Credit in Dayton, Texas?

If you can't get credit in Dayton, Texas, it could be because you have a bad credit score, or simply don't have any credit history. In Dayton, Texas, 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 equations that calculate a numerical score. Precisely how these scores are calculated is known to very few people, since the formulas used are tightly-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 explicitly opt out.

How Can I Improve My Credit Score in Dayton, Texas?

To improve your credit, there are many 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 Dayton may get a credit card, and use it for a few affordable 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.

Because credit reports are meant to be used by possible lenders to determine 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 Dayton, Texas Lawyer Help?

A good attorney specializing in consumer bankruptcy or other consumer finance issues in Dayton, Texas 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.