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. Most individuals in Port Jervis, New York probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Port Jervis, New York?
The most likely reason as to why a Port Jervis, New York bank won't give you a credit card or loan is that you have poor credit. In Port Jervis, New York, private companies called "credit bureaus" gather a person's credit score using all available information about their finances, including their debt-to-credit ratio, records of evictions, and late payments. All of this information is fed into complex mathematical equations that calculate a numerical score. Precisely how these scores are calculated is known to very few people, since the formulas used are tightly-guarded trade secrets.
Under U.S. law, you are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's affecting your credit, and to report any incorrect information contained in your report. There are countless websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this hard by requiring that you cancel your membership by phone, rather than letting you do it online.
How Can I Improve My Credit Score in Port Jervis, New York?
To improve your credit rating, there are countless 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 Port Jervis, then paying the entire amount at the end of the month.
Credit reports are usually meant to be used by lenders to determine 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 keep a high credit score.
How Can a Port Jervis, New York Lawyer Help?
An experienced Port Jervis, 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.