SENIOR CREDIT.

Byline: - Staff and Wire Services

When it comes to personal finance, older Americans face a unique and troubling situation. Those 55 and older control 70 percent of the nation's personal wealth, and account for 80 percent of the fraud complaints lodged with the Federal Trade Commission, according to Your Credit Card Companies, an association formed by a half dozen of the country's largest card issuers. What's more, according to a Federal Reserve study, nearly 80 percent of this group has a credit score of 701 or higher, while an additional 10 percent is above 660 - scores that can make lenders and thieves alike drool. So these consumers need to be alert to scams that target older people. One common Internet scam that is increasing in popularity is known as ``phishing,'' in which a legitimate- looking e-mail or site directs a Web user to a site to ``update'' personal data - including information that could give someone access to users' money. Also, don't fall for any credit card offers that assess an ``upfront fee'' for processing. Reputable bank card issuers are more than happy to consider your credit application for free. And don't forget the aged but sagest advice: If a credit or other financing offer seems just too good to be true, it probably is.