Debt and credit are universal concerns-everyone has questions and concerns about credit, and debt. Often people look at good credit as something that someone else has and they can never have. As a Certified Consumer Credit Counselor, I have seen the very worst cases of credit and the very best cases of credit. Credit never has to do with the amount of money you make but how you manage the money you make. I have counseled individuals who have a yearly income of $100k a year and their electricity is in jeopardy and the light company will not accept checks from them. By the same light I have met older women who earn 17k a year and have a superior credit rating.

The only difference in having good credit and not having good credit is knowing what to do, when to do it and how to do it and of course what questions to ask. I guarantee this column will educate, empower and explain what you can do and the rights you have as a consumer. It will give you insight on improving your overall credit situation and credit rating. The power is in knowing what to do.

I believe the most difficult part about improving credit is knowing where to begin. Look at improving your credit as a diet. Before you decide on how much to lose or to assess where you are in your weight situation you must first know where you stand. The first step is knowing you must lose the weight.

The first step for many of us is to come to grips with out present credit situation. First, you must get on a scale. How else are you going to know how much you need to lose? Credit reports are on a average of $8.50 each unless you have been denied credit in the last 60 days. Then it is free; however you do not want to go out to apply for credit and become denied in order to get a free copy of your credit. To get a true “weight” you need a copy of your credit report from each credit-reporting agency:

• Equifax P.O. Box 740241 Atlanta, GA 30374-0241 800/685-1111 • Experian (formerly TRW) P.O. Box 2002 Allen TX 75013 888/397-3742 • Trans Union P.O.Box 1000 Chester, PA 19022 800-916-8800

When I am in the community giving workshops, one of the first questions I often ask the participants is what is the FTC. Everyone hesitates and no one ever provides the correct answer. I then ask “What time does the Oprah Winfrey Show air? I always get the correct answer. The problem I have with that is Oprah has good credit. So many times we watch, read and pay attention to the wrong things.

The U.S. Congress enacted the F.T.C. to act as a watch dog for consumers and in doing so Congress has developed a number of acts to protect consumers. The Federal Trade Commission (FTC) regulates trade and credit, as well as works for the consumer to prevent fraudulent, deceptive and unfair business practices. A copy of the FCRA can be found on the Internet at www.ftc.gov or by calling 1-877-FTC-HELP (1-877/382-4357). The FCRA is only 56 pages shorter than the latest Ebony, Newsweek Jet or Essence magazines and the information is what you need to get yourself out of debt.

One of the most important acts is the Fair Credit Reporting Act. The FCRA which may be obtained from the F.T.C. for free is an excellent source of information for consumers. For example did you know according to the FCRA a consumer may receive a free copy of their credit report every 12 months to prevent fraud, or the 7 year period of a debt to be removed from your credit report is actually 180 days after the last payment was made on the account, or to dispute any inaccuracies on a credit report the credit reporting agency shall investigate the dispute free of charge? Now you do and you have the power to change.

Part two will deal with accurately disputing information from your credit report.
Swygert is a credit counselor with the Credit Corner, 9955 South Post Oak #415, Houston, TX 77004. Call 713/799-8570 for more information.