Consumer credit is any form of credit extended to an ordinary consumer. Credit, broadly defined, is the provision of a resource (usually money) from one party to another, where the first party does not expect to be immediately compensated. Instead, the parties arrange for payment to come at a later date, or over time, in installments. Many people in Casselberry, Florida deal with 1 form of consumer credit almost every day: credit cards. These little pieces of plastic are one of the largest sources of consumer debt in the United States.

Why can't I Get Credit in Casselberry, Florida?

If you can't get credit in Casselberry, Florida, the most likely explanation is that you have a bad credit score. In Casselberry, Florida, credit scores are created by private corporations called "credit bureaus." These companies compile 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 individuals 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 chance 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 Casselberry, Florida?

The first thing you can do to improve your credit score is to check your report for errors. These companies are not perfect, and sometimes make errors in compiling your credit report, including extremely 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 Casselberry 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 Casselberry, Florida Lawyer Help?

A good Casselberry, Florida attorney knowledgeable in consumer finance issues can help you address the more complicated problems that may arise in this area, such as a credit bureau's refusal to remove an mistake from a credit report, identity theft, or a third party trying to maliciously harm your credit score.