Credit, broadly defined, is the provision of money on the assumption that compensation for it will come later, or over time. Consumer credit is simply credit extended to individuals in order to purchase consumer goods or services. Many people in Briarcliff Manor, New York deal with 1 type of consumer credit almost every day: credit cards. These little pieces of plastic are one of the biggest sources of consumer debt in the United States.

Why can't I Get Credit in Briarcliff Manor, New York?

If you can't get credit in Briarcliff Manor, New York, the most likely reason is that you have a poor credit score. In Briarcliff Manor, New York, credit reports are prepared by private companies that have access to a great deal of financial information about almost anyone who has a Social Security Number. These companies are called "credit bureaus." They gather relevant information, such as one's credit-to-debt ratio, and past-due payments, and use complex mathematical equations to generate a numerical score. Relatively few people know what these exact formulas are, since they are well-guarded trade secrets.

Under U.S. law, you have a right to view your own credit report once a year, for free (you can, of course, view it more times than that, but you'll likely have to pay a credit bureau. You should be cautious, however. Many websites claim to offer "free" credit reports, but require a credit card number in order to register. If you do not affirmatively cancel your membership (which can usually only be done over the phone, and not online), they will start charging you a monthly fee.

How Can I Improve My Credit Score in Briarcliff Manor, New York?

To improve your credit, there are many things you can do. First of all, you should report any errors you see on your credit report to the credit bureau. These companies sometimes make mistakes, and some of them can seriously damage your credit score. Also, you should show that you are willing to use credit, but able to do so responsibly. For example, using a credit card for a few inexpensive purchases per week in Briarcliff Manor, then paying the entire balance at the end of the month.

Credit reports are a tool for lenders to assess how risky it is to loan money to someone. Therefore, showing that you routinely pay your debts in a timely manner is the best way to maintain a good score.

How Can a Briarcliff Manor, New York Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Briarcliff Manor, New York can be very helpful in resolving consumer debt issues. These issues can be very complex, and an attorney can make it much easier to navigate them.