CBS News website contains the same sentences found on other websites.
A CBS News correspondent said:
“(Your credit score) is what almost every company in your life uses to determine whether you are a credible, trustworthy borrowing candidate. From your prospective employers to your prospective landlords, most companies will check your credit score in order to gauge their risk. No one likes a deadbeat!”
An anonymous writer for Investopedia had the (exact) same thought:
“Well, it’s what almost every company in your life uses to determine whether you are a credible, trustworthy borrowing candidate. From your prospective employers to your prospective landlords, most companies will check your credit score in order to gauge their risk. No one likes a deadbeat!” [update, 4/24/2011]
Update 12/23/2010: Part Two
In the U.S., the FICO credit score scale is 300 to 850.
Investopedia (who is actually based in Canada), a division of ValueClick, provides junk journalism articles to Hearst and Forbes, too. Martin T. Hart is the chairman of ValueClick according to Forbes. Whether you choose to believe Forbes about that is entirely up to you.
But, somebody thinks that’s not necessarily such a great thing. The U.S. Department of Housing and Urban Development (HUD (FHA is part of HUD)) has just opened investigations resulting from complaints filed by the National Community Reinvestment Coalition (NCRC). NCRC states that its investigation “reveals that too many of the country’s largest financial institutions are refusing to lend under the FHA loan program to consumers with credit scores between 580 and 640, despite the fact that FHA policy establishes a 100% guarantee for refinance.”
Also, see: Average credit score chart, FHA loans.
Consumer reporting agencies TransUnion, Equifax and Experian all emphatically state that they do not provide credit scores for employment purposes.
The first sentence of a Federal Reserve Bank of Cleveland commentary states, “Credit scores are used in nearly every part of our lives, from applications for car loans, mortgages, credit cards, and car insurance to even some hiring decisions.”
The availability of FICO scores on TransUnion’s website TransUnionCS.com will end by March 31, 2011, according to TransUnion’s Steve Katz.
Consumers will still have access to FICO scores based on TransUnion files at myFICO.com after the end of the TransUnion Consumer Solutions service.
The ICO is the UK’s independent authority “set up to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals.” The Information Commissioner enforces the UK’s Data Protection Act 1998 and Freedom of Information Act 2000.
The office provides a document for consumers titled “Credit explained.”
“Understanding Your Credit Report and Credit Score,” is a publication of the Agence de la consommation en matière financière du Canada–also known as the Financial Consumer Agency of Canada.
You can even take a quiz.
Transunion and Equifax are mentioned; Experian is not. Canada is not even on the Experian press page drop-down list of countries. The company ceased consumer credit bureau operations in Canada in 2009 (but paid $207 million cash for creditscore.com and creditreport.com in 2010).
The FCAC, established in 2001 by the Canadian federal government, is an independent body “working to protect and inform consumers of financial services.”
The NATIONAL ASSOCIATION OF REALTORS actually has a written credit policy; it is named “NAR Credit Policy.”
The sub-title is, “LENDERS, FHA, THE GSEs, AND FEDERAL REGULATORS SHOULD REASSESS AND AMEND THEIR CREDIT POLICIES SO MORE QUALIFIED BORROWERS ARE APPROVED FOR MORTGAGES”
Citing higher operating costs, myFICO increased its price for an individual FICO credit score from $15.95 to $19.95.