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 Clifton Park, 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 Clifton Park, New York?

If you can't get credit in Clifton Park, New York, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Clifton Park, New York are compiled by private companies known as "credit bureaus." These companies compile all the available information about a person's finances, and then assign them a numerical score, which provides a quick assessment of the risk they represent to a lender. The exact formulas that these companies use to generate credit scores are closely-guarded trade secrets.

U.S. law states you are entitled to one credit report per year for free. This will allow you to see your credit score, and any factors that might be hurting it, which can help you improve it in the future. You should be aware, however, that many websites offering a "free" credit report will begin charging you a monthly fee a month after you register, and then make it very difficult for you to cancel your membership, requiring you to do so over the phone rather than online. They also sometimes only tell you about this fee in the fine print.a

How Can I Improve My Credit Score in Clifton Park, 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. It also helps to show that you are willing to use credit, but can do so responsibly. For example, if you have little to no credit history in Clifton Park you might consider getting a credit card, making a few small purchases each month on it, and then paying off the balance in full at the end of each month. This takes a bit of discipline, but it is a good way to quickly establish a good credit rating.

Credit reports are primarily meant to be used by lenders to assess the risk of a prospective borrower. For this reason, how one handles debt is a major factor in one's credit score. Paying all of your debts in a timely manner is a good way to maintain a high credit score.

How Can a Clifton Park, New York Lawyer Help?

A good lawyer who practices consumer bankruptcy or other financial practice areas in Clifton Park, 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.