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. Most people in Smithtown, New York probably deal with consumer credit every day in the form of credit cards.

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

If you can't get credit in Smithtown, New York, the most likely reason is that you have a poor credit score. Credit scores in Smithtown, New York are compiled by private companies known as "credit bureaus." These companies collect 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 numerous websites offering a "free" credit report will begin charging you a monthly fee a month after you register, and then make it very challenging 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 Smithtown, New York?

To improve your credit rating, you can do a few relatively simple things. First, you should check your credit report for errors, and report them to the credit bureau so they can 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 Smithtown, 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 Smithtown, New York Lawyer Help?

An experienced Smithtown, 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.