Recently, a Reuters blogger said that the CEO of credit score company FICO told him that employers use credit scores.
But despite FICO’s claim and the rest of the hoopla, only two employers have admitted it.
A Virginia television station obtained video footage of a credit union representative saying “Being a financial institution we have a set level its yes or no. If the credit score is below a certain number, then there’s nothing we can do about it.”
In Texas, a television reporter interviews a bank senior vice president who said, “If someone is going to be handling your money and their credit score reflects irresponsibility with money— with their own money– then there may be some concern that they might be irresponsible with your funds, too.”
Fun feedback loop
Selling its score, FICO cheerfully says that employers use credit scores (occurs at :47 in the video).
Consumer reporting agencies claim that they do not sell credit scores to employers.
Ben Stein says that employers use credit scores.
Felix writes about Ben Stein.
creditscoring.com writes about Felix writing about Ben Stein.
creditscoring.com blog comments trackback to Felix’s blog (July 28 comment: “simmers“).
Felix writes that FICO told him that employers use credit scores.
creditscoring.com writes about Felix writing about FICO telling Felix that employers using credit scores (this page).
Experian continues to sell credit scores saying that employers use them, while stating that employers do not use them.
They just don’t pay attention (too busy preening for the camera and creating bizarre advertisements).
While waiting for Experian to blink, see some other screw-ups by the British:
- “Credit scores represents your creditworthiness and indicate the likelihood that you will repay a debt as agreed.”
- “However, a credit scores are not stored as part of your credit history.”
- And, the best one: “Credit scores are based entirely on the information found on an individual’s credit scores.”
Let’s hope so.