Throughout the history of Blacks in America, the one thing that seems to always hinder progress is the lack of credit. As Blacks work to recover the momentum from the lost time due to slavery, the lost opportunity of the great migration West, and the stolen opportunity to get forty acres and a mule, the struggle to build credit still alludes to many.
For Sharon Murphy Williams, the chance to do something about it has become her mission and life’s work. Williams started her career as a licensed credit strategist at Dun & Bradstreet.
Dun & Bradstreet is a global company that provides business intelligence and data analytics, essentially acting as a leading source of information about businesses worldwide, including their creditworthiness, financial health, and operational details, which allows companies to make informed decisions regarding risk management, sales, and marketing strategies based on this data.
While working at Dun & Bradstreet, Williams learned that the true power of wealth comes from having good credit, not having money. Her climb up the corporate ladder led her to start her own foundation to help those who need help understanding their relationship with their credit.
“We don’t teach people that what they do is wrong — we teach them that there might be another way to do it,” Williams said.
Credit has always been a determining factor in one’s ability to get a loan from a bank or a business loan from an institution. Blacks historically have always struggled with building enough positive credit to be lendable too by major financial organizations. Here is a breakdown of the median credit by race:
Race Median credit score
• White 727
• Asian 745
• Hispanic 667
• Black 627
• Native American 612
With credit being necessary to purchase a home, sometimes starting a business, or funding a venture, Blacks have been kept out of opportunity to build wealth, thus keeping them at the bottom of the income gap in America.
Williams understands this and has pledged her time and energy to do something about it.
“Financial illiteracy raises our poverty rate; it raises our crime rate. It raises our housing insecurity,” Williams said. “Being a better financial steward minimizes a whole lot of social determinants that destroy a community, which destroy a people, and we are not just talking about generational poverty, we are talking about historical poverty.”
Williams understands that money answers all matters. The ability to get and obtain credit is the foundation of anything that someone is attempting to do. She went on to comment that whether Harris won or not, Blacks are at a crossroads for helping themselves gain the financial footing they need to prosper during any presidency.
Williams teaches that the first thing Blacks need to learn is how to master the art of understanding their relationship with credit.
“We as Black people are really good at mastering business, but we need to learn how to master our own business,” Williams said.
Williams wants people to learn that credit is just your name. Essentially, it’s simply your word: Are you going to do what you said you’re going to do; can you be trusted? “What did you say you would do to get that loan? Did you honor your word?” Williams asked.
She warns that many times people will do whatever they have to do to obtain a loan or financing, only to later allow themselves to fall back into the trap of not taking care of business.
The Phe’be Foundations’ sole goal is to help people create wealth through credit and maintain good credit after they have reached a certain status.
Williams wants Blacks to play the part, not look the part. She warns of buying things that don’t match their goals. She wants people to work hard and learn as much as they can about how credit works.
She also goes on to share her thoughts on thriving in any business or political environment. Black businesses must grow in either a Democratic or Republican-led environment. Williams and the Phe’be Foundation plan to use 2025 to introduce its clients to the process of growth in any situation.
Her work with consumers is helping people all over the country change how they view money and how they spend their capital. “I think we need to understand that money is power, but credit is powerful. One has flex and the other has strength,” Williams said.
“Money is good, but the flex gives you the ability to take the money you have in the bank and keep it, so you can use borrowed money to create even more wealth.”
Williams’ advice comes at a time when good financial decision-making is the difference between life and death. ●
