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 Congers, 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 Congers, New York?

If you can't get credit in Congers, New York, it could be because you have a poor credit score, or simply don't have any credit history. Credit scores in Congers, 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 Congers, New York?

To make your credit score better, there are a few simple things you can do. First of all, you should check your report for errors and report them to the credit bureau to be corrected. 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 Congers, then paying the entire balance at the end of the month.

Credit reports are meant to be a tool for lenders to easily assess a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be very effective in creating a good credit score.

How Can a Congers, New York Lawyer Help?

An experienced Congers, New York Attorney specializing in consumer financial issues can help if you believe that your credit score reflects false information, or if you think a third party has maliciously damaged it.