How do I update a JAMS Version 7.X Credential Password in PowerShell?

Utilizing the following PowerShell cmdlet, the password can be updated as well as saved to the JAMS Database:

$cd = get-item jams::localhost\Credentials\ChangeTest
$cd.Password = "NewSecretPassword"
$cd.Update()

 Enter the new password in the "NewSecretPassword" field.