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

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

If you can't get credit in Washingtonville, New York, the most likely explanation is that you have a bad credit score. Credit scores in Washingtonville, New York are compiled by private companies known as "credit bureaus." These companies gather 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.

In the U.S., you have a legal right to view your credit report for free, once per year. This is a good chance to perform a financial check-up, and see if there are any errors on your report which need to be corrected. While some third-party companies will give you a free credit report through their website, you should be aware that many of them (without making this clear up-front) will begin charging a monthly fee afterwards, in exchange for continued access. If you just wanted the one free report, you can opt out of this, but you normally have to do so over the phone, and can't do it online.

How Can I Improve My Credit Score in Washingtonville, New York?

To improve your credit score, you can do a few fairly simple things. First, you should check your credit report for mistakes, and report them to the credit bureau so they can be corrected. Also, it's good to show that you know how to use credit responsibly. For example, a person in Washingtonville with no credit history can rapidly build up a good credit rating by getting a credit card, making a few small purchases with it, and then paying the entire balance at the end of each billing cycle.

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 Washingtonville, New York Lawyer Help?

An experienced Washingtonville, 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.