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 Stony Brook, New York probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Stony Brook, New York?
If you can't get credit in Stony Brook, New York, the most likely explanation is that you have a bad credit score. Credit scores in Stony Brook, 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 Stony Brook, New York?
To improve your credit, there are many things you can do. First of all, you should report any mistakes you see on your credit report to the credit bureau. These companies sometimes make errors, and some of them can seriously damage your credit score. It will also help to show that you can use credit responsibly. For example, if you have little to no credit history in Stony Brook, and want to rapidly build a good credit score, you can get a credit card, and make a few very small purchases with it every month. Make sure you don't run up a balance that you can't immediately pay off in full, and at the end of each month, pay the whole balance.
Credit reports are a tool for lenders to determine how risky it is to loan money to someone. Therefore, showing that you consistently pay your debts in a timely manner is the best way to maintain a good score.
How Can a Stony Brook, New York Lawyer Help?
A good attorney specializing in consumer bankruptcy or other consumer finance issues in Stony Brook, New York can be instrumental in resolving consumer debt concerns. These issues can be complex and frustrating, and an attorney can make the navigation of them much easier.