Credit, broadly defined, is the provision of money on the assumption that payment for it will come later, or over time. Consumer credit is simply credit extended to individuals in order to buy consumer goods or services. Many people in Dansville, New York 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 Dansville, New York?
If you can't get credit in Dansville, New York, it could be because you have a bad credit score, or simply don't have any credit history. Credit scores in Dansville, 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 give them a numerical score, which provides a quick determination of the risk they represent to a lender. The exact formulas that these companies use to generate credit scores are closely-guarded trade secrets.
Under U.S. law, you have a right to see your own credit report once a year, for free (you can, of course, see 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 Dansville, New York?
To improve your credit rating, there are various things you can do. First, you should check your credit report for mistakes and report them to the credit bureau. These companies can make errors like anyone else, and sometimes these errors can damage your 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 modest purchases per week in Dansville, then paying the entire amount at the end of the month.
Credit reports are meant to be a tool for lenders to easily determine a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be extremely effective in creating a good credit score.
How Can a Dansville, New York Lawyer Help?
An experienced Dansville, New York Lawyer specializing in consumer financial issues can help if you believe that your credit rating reflects false information, or if you think a third party has maliciously damaged it.