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 Waverly, New York probably deal with consumer credit every day in the form of credit cards.
Why can't I Get Credit in Waverly, New York?
If you can't get credit in Waverly, New York, the most likely explanation is that you have a bad credit score. In Waverly, New York, credit scores are created by private corporations called "credit bureaus." These companies collect all the available financial information on a person (such as the amount of credit currently available to them, and its ratio to their debt) and use it to calculate a simple numerical score. This number gives would-be lenders an easy way to assess a person's risk as a borrower. It is not known to many individuals exactly how your credit score is calculated, because the formulas used by these companies are closely-guarded trade secrets.
Under federal law, you are legally entitled to see your credit report for free, once per year, which will let you view what factors are affecting your credit, and report any errors to the company. Many websites have been set up to give you easy access to this information. However, most of them require registration with a credit card, and will start charging you a monthly fee once your free trial period is up, unless you specifically opt out.
How Can I Improve My Credit Score in Waverly, New York?
To improve your credit, there are numerous 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's also good to show that you can use credit responsibly. For example, someone with no credit history in Waverly may get a credit card, and use it for a few inexpensive purchases every month, and then pay down the whole balance at the end of the month. This is a good way to quickly obtain a good credit score.
Because credit reports are generally meant to make it easier for possible lenders to assess your risk as a borrower, showing that you pay back your debts in a timely manner can go a long way in creating a good credit score.
How Can a Waverly, New York Lawyer Help?
An experienced Waverly, 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.