Consumer credit is a form of loan extended to ordinary consumers to buy consumer goods. Credit, broadly defined, is the provision of money from one entity to another, where the lender does not expect to be instantly compensated. Instead, the parties agree on payment at a later date, or in periodic installments. Most individuals in Zeeland, Michigan probably deal with consumer credit every day in the form of credit cards.

Why can't I Get Credit in Zeeland, Michigan?

If you're having trouble getting credit in Zeeland, Michigan the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Zeeland, Michigan are compiled by private companies known as "credit bureaus." These companies collect 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 are legally entitled to one free credit report per year. This allows you to perform a simple financial check-up, to see what's affecting your credit, and to report any incorrect information contained in your report. There are countless websites that provide easy access to this information, but most of them require registration with a credit card. Once you view your free report, they will begin charging you a monthly fee unless you opt out. Some of them make this challenging by requiring that you cancel your membership by phone, rather than letting you do it online.

How Can I Improve My Credit Score in Zeeland, Michigan?

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. It's also good to show that you can use credit responsibly. For example, someone with no credit history in Zeeland 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.

Credit reports are generally 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 Zeeland, Michigan Lawyer Help?

An experienced Zeeland, Michigan 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.