Consumer credit is any type of loan extended by some lending institution, usually a bank, to individuals for the purchase of consumer goods. Many people in Wisconsin Rapids, Wisconsin deal with consumer credit every day in the form of credit cards. In fact, credit cards are one of the largest sources of individual debt in the U.S.
Why can't I Get Credit in Wisconsin Rapids, Wisconsin?
If you're having trouble getting credit in Wisconsin Rapids, Wisconsin the most likely explanation is that you have no credit history, or a poor credit score. Credit scores in Wisconsin Rapids, Wisconsin are compiled by private companies known as "credit bureaus." These companies compile all the available information about a person's finances, and then assign them a numerical score, which provides a quick assessment 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 view your own credit report once a year, for free (you can, of course, view 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 affirmatively 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 Wisconsin Rapids, Wisconsin?
To improve your credit rating, there are numerous things you can do. First, you should check your credit report for errors and report them to the credit bureau. These companies can make mistakes like anyone else, and sometimes these errors can damage your rating. Also, you should show that you are willing to use credit, but able to do so responsibly. For example, using a credit card for a few inexpensive purchases per week in Wisconsin Rapids, then paying the entire balance at the end of the month.
Credit reports are meant to be a tool for lenders to easily assess a person's risk as a borrower. Therefore, showing that you are able to pay back your debts on time can be very effective in creating a good credit score.
How Can a Wisconsin Rapids, Wisconsin Lawyer Help?
An experienced Wisconsin Rapids, Wisconsin attorney specializing in consumer financial issues can help if you believe that your credit score reflects false information, or if you think a third party has maliciously damaged it.