With the growing credit crisis in our country, many
consumers are misinformed about the basics of credit, and can fall
prey to financial schemes.

* Continue to make payments.

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April 18-23, 2005, is National Credit
Education Week, and Money Management International (MMI) is helping to
educate consumers about getting back to the basics of good credit. The following are tips
from MMI designed to bring consumers back to the basics of financial
health:

Credit Killers

Following are five common "credit killers," mistakes that seem
innocuous but can ruin a credit score:

Staying out of debt: Having no credit history is nearly as bad
as having a poor credit history, because creditors have no way
to judge how the person will handle a loan. To learn more, call
800-762-2271 or visit www.

Birth of a Child
Expenses related to raising children put new demands a family's credit and
finances.
A partner can still be held liable by creditors for debts incurred by that
partner even if a court orders the former spouse to pay them.

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Besides your name and social security number,
the report may include your current and previous addresses,
date of birth, telephone number, driver's license number,
employer and spouse's name.org/news

Although concerns for finances may not always be
top of mind during such times, it's important to be aware of how these events
can impact personal credit and finances.

Marriage
With marriage comes new financial possibilities and responsibilities.
In the event of a divorce or separation, the following steps should be
taken to protect credit:

* List all accounts.com.

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"The last thing you want to do is roll your tax bill into a
revolving credit card balance that you will be paying on this time
next year.

-- Identifying information is just that--information used to
identify you.
Your Credit Card Companies has some tips and advice to help people adjust
to major life changes while preserving, and sometimes enhancing, their credit.
If either spouse changes his or her name or home address, he or she should
alert creditors immediately. To ensure that your
credit history is accurate in the future, contact creditors with any
changes to your name and address.

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-- Credit history.
Services are available in English or Spanish.

Prepare for Life's Impact on Credit Finances

Shortly thereafter, consumers should check their credit reports
to make sure creditors have relayed the updated information to the credit
bureaus.

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Business Editors
CORRECTION.

-- Pay down your debts and consider charging less. This section, ideally , should be blank.
In order to maintain a balanced credit picture, parents should create a
budget that takes into account new child-related costs; track monthly spending
and adjust the family budget so that it is reasonable, realistic and
achievable; make payments on time to preserve a positive credit picture; and
only use credit within their ability to repay. Never stop paying a creditor.

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Beef Up Your Credit Report in 4 Steps

-- Pay your bills on time. Credit scores
don 't distinguish between those who carry a balance on their
cards and those who don't carry a balance . With joint
credit, both partners are responsible for the debt.
By law, a creditor cannot automatically close a joint account or change
the account's terms because of a death.YourCreditCardCompanies .

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.. Just say no every time.

* Contact creditors. Consumers
should always seek their own legal counsel.

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In 1998, the Fair Isaac
Corporation changed the FICO scoring formula to remove
references to credit counseling in consumers files after
learning that receiving credit counseling was becoming less
predictive of credit risk.

About Money Management International

Money Management International (MMI) is a non-profit, full-service
credit-counseling agency, providing confidential financial guidance,
financial education, counseling and debt management assistance to
consumers for over 47 years. By law, joint accounts cannot be closed simply
because a divorce is planned or granted. They may ask that the surviving spouse
update credit information or reapply for an individual account.

Your Credit Card Companies is a group of financial services companies with
a shared commitment to value and quality service for consumers.

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In fact, according to the IRS, in 2003 , more than 1.

Cosigning on a loan: Cosigning has many risks and little
reward, because the primary borrower's mistakes will end up on
both signers' credit reports. Payment history is the single most
important factor in determining your credit score, making up
35% of the total number.

-- Stay out of bankruptcy. After filing, consumers are usually only able
to secure lines of credit through high-interest lenders, which
can often lead consumers back down the path of bad credit.
Remember that jointly held credit accounts mean joint responsibility. Otherwise, a consumer's credit report may only
display credit activity since the name change. So, if a partner is
delinquent on paying a debt, the creditor can require payment from the other
person on the account, even if separated or divorced.
No one can anticipate everything life throws at us, but following this
advice will help consumers adjust to some of life's major events.
Disclaimer: The information contained in this press release is for general
information purposes only and not intended to be legal advice.

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Transferring balances on credit cards can negatively
affect a score for the same reason. Missing even one payment can knock 50
to 100 points off a good score . Lenders like
to see plenty of room between the amount of debt reported on
your credit cards and your total credit limits. When updating information by
phone, consumers should ask the customer service representative if the company
requires or recommends sending additional written documentation of the new
information. Ceasing to make
payments will have a very negative effect on one 's credit reports and
ability to get credit in the future.

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Bankruptcy can knock 200 points or
more off someone's credit score, who, otherwise, might have
had good credit. Each account will include the name of the
creditor and the account number, which may be scrambled for
security purposes . Tips to Maintain and Enhance Credit Through Life's Major Changes

WASHINGTON, The birth of a child, marriage,
divorce, and the death of a spouse are significant events that alter many
aspects of a person's life.

* Inform creditors of new personal information.

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The corrected release reads:

GETTING BACK TO CREDIT BASICS: DURING NATIONAL CREDIT EDUCATION
WEEK , MMI TEACHES CONSUMERS HEALTHY CREDIT HABITS 101

Currently 40 percent of Americans are spending more than they
earn.

Closing old accounts: It seems smart to close unused accounts,
but it can actually shorten a person's credit history by
lowering the credit score.

If the account is held
individually then the accountholder alone is responsible for the debt after a
divorce, unless a court orders the former spouse to pay the debt (making both
spouses liable ) or in community property states, where most assets and debts
acquired during marriage are considered shared responsibility, even if
contracts are signed by only one party.

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by Money Management International

HOUSTON----In BW5719 issued April 5,
2005: In the first graph, the date for National Credit Education Week
should be April 18-23, 2005 (sted April 11-15). Rather, get educated on the basics of healthy financial
habits.

-- Public records.

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Charging less can
also improve your score--even if you pay off your credit cards
on a monthly basis. A list of everyone who asked to see your credit
report.moneymanagement. Responsible lenders understand life changes, and most
will be willing to work with their customers if they are facing
financial difficulty during a divorce. If consumers are having trouble
making payments, they should contact their creditors to ask about
financial counseling or other payment options.

Death of a Spouse
When a spouse dies, the surviving spouse is responsible for continuing to
pay joint accounts.

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"Think long and hard before pulling out the plastic to pay your
taxes," said Cate Williams , vice president of financial literacy for
MMI. It
lists bankruptcies, judgments and tax liens , which all can
damage your credit faster than anything else. Counseling is available by
appointment in branch offices and 24/7 by telephone and Internet. Therefore, managing credit wisely is crucial.

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However, according to MMI, many Americans are misinformed about how to
raise and even maintain their credit score.; Citigroup; Discover Card; MasterCard International; and MBNA.

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"
A good credit score is often evidence of a healthy financial plan.
Generally, six or more inquiries within six months will scare
a lender.

-- Don't be afraid of credit counseling. Be sure to research, and only
become involved with legitimate organizations. Parents want to know
they will have credit when they need it, whether it is for paying for an
unforeseen medical emergency or a child's college education. However, divorce doesn't change
agreements with creditors. Through its
Web site and other consumer information initiatives, Your Credit Card
Companies provides credit resources and a variety of tools that help consumers
to better understand how credit works, to understand and protect their total
credit picture and to manage debt.

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CORRECTING and REPLACING Getting Back to Credit Basics: During National Credit Education Week MMI Teaches Consumers Healthy Credit Habits 101

2 million
people paid their federal taxes by electronic funds withdrawal or
credit card. Most inquiries are ignored by FICO scoring models and
do not damage a credit score.

Divorce
Divorce means partners must divide their assets and debts during what is
usually an extremely stressful period.

* Untangle marital credit.

* Establish independent credit.

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Rate shopping: Too many inquiries can damage a credit score. Make sure to know the balances and whether the
account is joint or individual. Consumers should call their spouse's credit companies and
see if credit insurance was purchased, which may pay off the balance. Its membership includes Chase Bank USA,
N.

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A credit report is
basically divided into four sections: identifying information , credit
history, public records and inquiries. Each entry will include account history,
payment detail, and balance and limit detail, including how
well you've paid the account.
In community property states (Arizona, California, Texas, Idaho,
Louisiana, Nevada, New Mexico, Washington and Wisconsin), both spouses may be
responsible for debts incurred during marriage, even if the debts are in one
spouse's name only.

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"If you find a mistake on your credit report, such as an account
that isn't yours or a disputed amount, you'll need to fill out the
form that comes with the report , or follow the instructions on the
explanatory sheet," said Williams.
If a spouse is added to an individual account as an "authorized user," the
debt will be reflected on both spouses' credit reports, but the added user
won't be responsible for the debt on the account (except in community property
states).

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Assuming there's a grace period: If a payment is even one day
overdue, it's late--and even one late payment can lower a
credit score.

Understanding your credit report

Credit scores are usually determined by the FICO scoring method,
and are used to determine a person's credit risk.

-- Inquiries. Both
husband and wife are responsible for paying off the debt they incur jointly. For more
information and other valuable tips, visit
http: //www.

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MMI helps consumers trim their expenses,
develop a spending plan and repay debts. Although not required,
creditors may be willing to convert a joint account to an individual
account, thus removing a former spouse as an authorized user from an
account. Consumers should work with creditors to
establish individual accounts based solely on their own credit history .

Collection agencies contract with various types of businesses and organizations, as well as with individuals to effect collection of their delinquent debts and accounts.