In an effort to help Oxford and surrounding area residents with their credit, Ohio Treasurer Richard Cordray, in collaboration with Butler County auditor Kay Rodgers and treasurer Nancy Nix, will be presenting a Rebuild Your Credit seminar.
The workshop; which is scheduled for 6-8 p.m. Monday, Feb. 25 at the Butler Tech Career Center Auditorium in Hamilton; will contain a number of representatives and groups, Cordray said.
"Nancy Nix has been a good partnership with us," Cordray said. "She has been very new and innovative. There will be representatives from the Ohio Treasurer's Office along with consumer groups, such as Trans-Union Credit Rating Agency and the Southwest Ohio U.S. Bank, present."
According to Cordray, who has been the Ohio treasurer since January 2007, his office has been going around the state since he became treasurer offering consumer credit counseling services to the public.
He said that this particular seminar is the first one offered in Butler County and that it is being held through the Butler County Treasurer's Office.
"The workshop will help people with bad credit ratings, student loan debt or simply have gotten behind on payments," Cordray said. "It will give people good financial tips and guidance to rebuild their credit from a multitude of aspects."
According to Harlita Robinson, finance director for the city of Oxford, the status of Ohio's economy has been impacted drastically over the past few years. Many Ohioans are facing financial problems such as sub-prime mortgage arrangements, balloon payments and inflation.
"This county event will assist people stuck in financial situations," Robinson said. "The financial institutions present will be able to analyze peoples conditions and provide guidance. If you are having credit problems or in need of financial assistance or advice this is an excellent workshop."
Robinson said that key events to the seminar would be the current economy and how to rebuild credit. She said that there will be very good information on issues ranging from credit card debt and loss of income to foreclosures.
Cordray said that the seminar would explain what credit is and how it works. He added that it would also cover how credit reporting agencies work, what factors agencies pay attention to and how organizations are constantly gathering credit information and building credit scores.
"What you do financially follows you everyday in life," Cordray said.
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According to Cordray, the seminar can assist people with steps to begin the process of rebuilding credit and achieving a better credit rating. He said ways to improve credit ratings include opening accounts, making payments and closing accounts. He also said the workshop will help an individual decide the best course of action to improve credit.
"There are a lot of Ohioans that have problems with credit and it is costing them more money every day," Cordray said. "By learning and following credit rules, over time people can improve their credit."
Atindra Sen, Miami University visiting assistant economics professor, said people should attend seminars like this because many citizens have not had formal courses on credit, and this is a good opportunity to learn something extremely important.
"Workshops like this will deal with issues that are very important," Sen said. "People need to be more careful with financial planning. Finances are a lot harder when you are not going through good times."
According to Cordray, prior reservations for the workshop are preferred, but no one will be turned away. Reservations can be made online at the Ohio treasurer's Web site.
"With today's slowdown of the economy, there is a huge need for seminars like this," Cordray said. "Throughout the year, interest levels have been high and we have been trying to meet this demand."
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