If you want to receive your free credit score online and begin building your credit, you’re not alone. Consumer credit markets are showing signs of healing, according to a report released by the Federal Reserve Bank of New York. The report suggests a slight increase in the willingness of consumers to improve their credit scores and banks to lend.

According to the Household Debt and Credit Report for the second quarter of 2011, consumers are paying their credit cards and loans on time. Consequently, the report reveals that balances on most loan types dropped, albeit in small amounts, suggesting that consumers are building their credit score ratings in an effort to borrow more money. In addition, the study revealed that delinquency rates and transitions continued to improve.

In a press release announcing the report, Vice President in the Research and Statistics Group at the New York Fed, Andrew Haughwout said, “Outstanding consumer debt remained essentially flat, down just $50 billion, in what was basically a repeat of the previous quarter. This is more evidence that the pace of consumer deleveraging that began in late 2008 has slowed.” He added, “During the next few quarters we will gain a better understanding of whether this is a permanent or temporary break in the decline of total outstanding consumer debt.”