Experian – Contradictory statements about credit scores and employers

Experian states, “More employers than ever are checking the credit scores of potential applicants, and that could create a vicious cycle, according to a report from the Minneapolis Examiner.”

The title and headline accompanying the statement is “More Employers Check Applicants’ Credit Scores.”

However, Experian claims that it does not provide credit scores for employment purposes.

Experian’s new British Empire

(coming to a search engine result near you)

In one fell ($2-hundred million) swoop, Experian acquired some serious internet real estate related to credit reports and credit scores: CreditReport.com and CreditScore.com.

And, in a truly odd chapter, as the FreeCreditReport.com debacle played out, Experian obtained FreeCreditScore.com (now of MTV fame) through a bankruptcy-related gambit.

“This case presents a somewhat unsettling-but we suspect common-set of facts.” – U.S. Court of Appeals, Tenth Circuit

But, it’s never tidy.  If you can’t beat ’em, buy ’em.

Influence: Equifax botches credit score distribution

On the heels of this week’s other fun with Equifax (“INFORM > ENRICH > EMPOWER“), top consumer finance expert” and Equifax blogger Ilyce Glink cross-promotes another of her myriad projects by linking to a video featuring some muckety-muck identified as an Equifax executive.  And it is a hoot.

On CBS MoneyWatch.com, Glink writes:  “According to FICO’s credit blog, about 18 percent of the population has a FICO credit score between 800 to 850, but the highest credit score I’ve heard of is 830 (feel free to post yours below). A little over 25 percent of the population has a credit score below 600.” [an aside: See creditscoring.com’s “Two and Two: Credit scores fall, AP, Part II”]

However, there is a kink as her hijinx sinks with a link that slinks into a rinky-dink Think Glink video. ;) The executive, some dude named Steve, identified as “President, Equifax Personal Information Solutions” states, “I think less than one percent of the population has more than 800.”  Turn on the camera and watch him go (away).

It is more than a flub:  The startling misinformation is accompanied by the actual words, on-screen, in writing, in your face:  “Less than 1% have 800 or higher.”

Get more Equi-Facts with Steveorino here on the Wild, Wild Web.  And, don’t miss one of the most hilarious moments in live radio.

Equifax expert misinformation corrected

Equifax corrected its misinformation.

Original:  “A hard inquiry is one in which a bank, a landlord, an employer or a potential employer, a mortgage broker, or another creditor or lender accesses your credit file because of a transaction you have initiated.”

Corrected:  “A hard inquiry is one in which a bank, a landlord, an a mortgage broker, or another creditor or lender accesses your credit file because of a transaction you have initiated.”

Presto Change-O.

Equifax expert writes about employers’ inquiries

From: Greg Fisher [mailto:greg@creditaccuracy.com]
Sent: Friday, October 01, 2010 1:54 PM
To: Robin Holland, senior vice president, Global Consumer Services, Equifax; Robin Holland, expert, Equifax
Subject: Equifax expert writes about employers’ inquiries

You wrote:

Hard Inquiry: Any request for a copy of your credit file is an inquiry, but a hard inquiry is the only one that can affect your credit score. A hard inquiry is one in which a bank, a landlord, an employer or a potential employer, a mortgage broker, or another creditor or lender accesses your credit file because of a transaction you have initiated.

However, another person writing on your website writes:

Inquiries that do not affect your credit rating include requests from employers, requests from companies making promotional offers, and your own requests to check your credit. These inquiries are viewable only by you.

Which one of you, really, is an expert?