Consumer credit is any form of loan provided by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Many people in Whitefish Bay, Wisconsin deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the biggest sources of individual debt in the U.S.

Why can't I Get Credit in Whitefish Bay, Wisconsin?

If you're having trouble getting credit in Whitefish Bay, Wisconsin the most likely reason is that you have no credit history, or a bad credit score. Credit scores in Whitefish Bay, Wisconsin 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 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 explicitly 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 Whitefish Bay, Wisconsin?

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 Whitefish Bay 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 meant to be used by possible lenders to determine somebody's risk as a borrower, showing that you always (or close to it) pay your debts in a timely manner is the best way to improve your credit score, and to keep it high.

How Can a Whitefish Bay, Wisconsin Lawyer Help?

A good attorney specializing in consumer bankruptcy or other consumer finance issues in Whitefish Bay, Wisconsin 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.