What is the CWCID program?
The primary tool in the program is a 12-lesson text, Credit When Credit Is Due, which is available in Spanish, Crédito al Mérito, audio, video and now is also offered online. The course is designed to help individuals gain a better knowledge of money issues and responsibilities revolving around the world of credit. It may be taught by a facilitator/teacher or self-studied. Tests follow each lesson and are graded pass/fail.
When students complete the course successfully, they will be registered in a national database and sent a registration card identifying them to lenders as graduates of a national standardized credit education program. This could entitle them to special consideration and discounts, depending on the lenders’ discretion. They will also receive three cards addressed to the three major credit bureaus allowing them to add a positive statement to their credit reports.
The concept of the program is similar to the well-known driver’s education course. When people take driver’s education and learn the rules of the road and necessary driving skills, they are considered to be better drivers. Auto insurance companies recognize them as better driving risks and grant discounts on insurance premiums to those who satisfactorily complete the course. The same theory applies to consumers who are borrowing money or asking for credit.
Individuals who successfully complete the Credit When Credit Is Due program should be better able to steer their financial course in the future.
Who developed the Credit When Credit is Due program and why?
Well-known for their award-winning and innovative education programs, Consumer Credit Counseling Service of the Black Hills (CCCS/BH) developed the Credit When Credit Is Due program in 1998 to help individuals gain a better knowledge of money issues and responsibilities revolving around the world of credit.
Committed to a national standardized credit education program, CCCS/BH established the American Center for Credit Education (ACCE) to assist partner organizations in implementing and marketing the Credit When Credit Is Due program in their communities. The American Center for Credit Education also works on a grassroots level with lending institutions, legislators, consumer groups and legal organizations throughout the United States to encourage, influence, support and educate consumers about their financial responsibilities. They also are working with other agencies in monitoring the success of the program in order to provide measurable results. The American Center for Credit Education mission is to make available to all consumers, through various community resources, national standardized credit and financial education.
Why should you take this course?
In 1999, the National Foundation for Consumer Credit presented Consumer Credit Counseling Service of the Black Hills with their 1999 PACE Award "Search for Excellence" and chose Credit When Credit Is Due as the best example of "innovation and excellence in a money management education program."
The American Center for Credit Education encourages you to take this 12-lesson course if you are:
- applying for a loan
- asking for a credit card account
- wanting a discount on a loan from a participating lender
- trying to establish credit for the first time
- experiencing a life-style change such as getting married, having a baby, getting a divorce or thinking of retirement
- presently enrolled in a debt management program
- thinking of declaring bankruptcy
