What AFI Projects Need to Know About Credit and Credit Repair

Focus:

The AFI conference call provided an overview of how the credit system and credit reporting works and suggestions on the most effective ways to help AFI participants to improve their credit status. In addition to the speakers' resources, the AFI Resource Center provided documents concerning standards of practice for credit counseling agencies and a document that summarized the call topic and included references and links to additional information on credit and credit repair.

Key Points:

• Credit affects not only the ability to obtain mortgages or other loans at reasonable terms, but also employment and access to housing and other services.
• Presenters enumerated common credit pitfalls and the most effective ways to improve credit.
• The call explained credit counseling scams, the costs associated with high-risk lending, and how to avoid them.
• Examples from AFI Projects illustrated ways grantees use credit information.
• Discussion included national standards for credit counseling agencies and how to choose credit counseling partners.

Presenters:

• James Gatz, Manager, Assets for Independence Program, Office of Community Services
• Jennifer Delcamp, Vice President, Consumer Credit Counseling of Central Oklahoma OK
• Nick Jacobs, Executive Director for Public Relations, National Foundation for Consumer Counseling, Washington, DC

• Anne Yeoman, Assets for Independence Resource Center

Resources:

• Credit Wise for Assets for Independence (.ppt 538KB)
• Association of Independent Consumer Credit Counseling Agencies Standards (.doc 64KB) (.pdf 50KB)
• National Foundation for Credit Counseling Standards (.pdf 49KB)
• What AFI Projects Need to Know About Credit and Credit Repair (.doc 157KB) (.pdf 96KB)

For more information on this topic, please contact the Assets for Independence Resource Center: http://www.acf.hhs.gov/assetbuilding; info@idaresources.org; 1-866-778-6037.