Credit scores and credit scares on CBS

The national consumer reporting agencies all state that they do not provide credit scores for employment screening.

In 2010, CBS gave us, “From your prospective employers to your prospective landlords, most companies will check your credit score in order to gauge their risk.”

Today, the Early Show host completed the list of the big three network hosts, saying, “this three-digit number can determine whether you get a mortgage or car insurance–sometimes even a job.”

He throws it to the same correspondent who did the dubious deed in 2010.

FreeScore.com spreads credit score/job myth


FreeScore.com Score Guys

From: Greg Fisher 
Sent: Thursday, March 31, 2011
To: Rob Wyse, Media First Public Relations
Cc: Caitlin Senior, Media First Public Relations
Subject: RE: credit score, employers, FreeScore.com VII

See this message and your reply at http://blog.creditscoring.com/?tag=freescorecom.

Yesterday, you wrote: “Said [a school teacher], ‘While every person might not use much of what they learn in Algebra 2 and Calculus throughout their life, every person must understand credit scores. Good credit and good credit scores can be the key to the future for students in getting a loan, and even getting a job.’”

Also, your September 8, 2009 press release states:  “‘Credit scores and credit reports play a much bigger part in your finances than most people know,’ says FreeScore.com spokesperson Rob Wyse. ‘Poor scores can cost you a higher interest rate, a job, or even a place to live. That’s why it’s so important to see where your credit stands and to make sure the information in your credit files is accurate.'”

What evidence suggests that employers use credit scores?


Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio  45409-0342

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Employers credit score Catch-22 myth, Tribune Co. IV

[previous post]

It has been a contentious and rocky road, but Maryland media may finally be getting it (it’s a start, anyway) right.

After publishing

[Vangel Paper co-owner Valerie S.] Androutsopoulos said she doesn’t have blanket rules about using the reports and tends to ignore bad credit scores if they involve medical or education debts or mortgage issues,

the Baltimore Sun (“Light for All”) publshed a follow-up: 

Employers already are barred from seeing a person’s credit score, but the Assembly wants to limit their ability to access the entire report.

Regarding the first piece, the paper’s politics and government editor wrote:

Mr. Fisher:

Thank you for calling this issue to our attention. We have run a correction in our print and online editions.

However, the correction does not appear on the paper’s errors and corrections (named “Corrections and Clarifications”) web page.  Further, other items from the same fold are still wrong

It does not stop with media.

Employers credit score Catch-22 myth, Washington Post Company

From: Greg Fisher
Sent: Friday, March 25, 2011
To: Allan Lichtman, professor, Department of History, American University
Cc: Meredith Hooker, managing editor for Internet, The Gazette; Ken Weiss, editor, Gazette of Politics and Business (weekend edition); Jeff Allanach, editor, Frederick County newsroom, The Gazette; David B. Simon, managing editor, Montgomery County newsroom, The Gazette; Vanessa Harrington, editor, Prince George’s County newsroom, The Gazette; The Washington Post Company
Subject: credit score, employers, The Gazette, The Washington Post Company, 2011-03-25

You wrote, “The American people are well aware of the problem of using credit scores for employment decisions.”

Who is your source regarding credit score use by employers?

See this message and your reply at http://blog.creditscoring.com/?cat=myth-2.


Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio  45409-0342

Employers credit score Catch-22 myth, Tribune Co. III

[previous message]

From: Valerie Androutsopoulos 
Sent: Wednesday, March 23, 2011
To: ‘greg@creditscoring.com’
Subject: RE: credit score, employers, Baltimore Sun, Tribune Company, 2011-03-20

This was in spam.  That’s the part that everyone’s missing.  The credit histories DO NOT CONTAIN SCORES.

Valerie



From: Greg Fisher
Sent: Thursday, March 24, 2011 5:23 PM
To: Jane Hirt, managing editor, Chicago Tribune; Allison T. Davis, vice president, communications, Equity International; Jennifer Moralis, vice president, operations, Equity International
Cc: United Press International; Valerie S. Androutsopoulos, principal, Vangel Paper Inc.; Julie Bykowicz, reporter, Baltimore Sun, Tribune Co.; Mary Corey, director of content and senior vice president, Baltimore Sun, Tribune Co.; Talk Back, editor, Baltimore Sun, Tribune Co.; Timothy E. Ryan, publisher, president and chief executive officer, Baltimore Sun, Tribune Co.
Subject: RE: credit score, employers, Baltimore Sun, Tribune Company, Equity International, 2011-03-20, terms

[FORWARD THIS MESSAGE TO SAM ZELL]

Sam Zell, chairman
Equity International
Chicago 

The result of the attached correspondence regarding the employers and credit scores myth must convince you of the irresponsibility of continuing to maintain inaccurate information on the websites of the Los Angeles Times, Hartford Courant, Orlando Sentinel, South Florida Sun Sentinel, Newport News Daily Press, Allentown Morning Call, Chicago Tribune and any other property you control.  I feel it is so, and regard it as my duty to shift from myself to you the responsibility of any further dishonor and embarrassment to you and your colleagues.  I do so by asking for your discontinuation of spreading the myth and of your attempts at enriching yourself through advertising placed on those pages containing the misinformation that harms the public.

Through what email address do you wish to discuss the terms under which you will make your corrections?

 —
Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio  45409-0342

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Employers credit score Catch-22 myth, Tribune Co. II

[previous message]

From: Greg Fisher
Sent: Wednesday, March 23, 2011 1:56 PM
To: Timothy E. Ryan, publisher, president and chief executive officer, Baltimore Sun, Tribune Co.
Cc: United Press International; Valerie S. Androutsopoulos, principal, Vangel Paper Inc.; Angelos Androutsopoulos, president, Vangel Paper; Julie Bykowicz, reporter, Baltimore Sun, Tribune Co.; Mary Corey, director of content and senior vice president, Baltimore Sun, Tribune Co.; Talk Back, editor, Baltimore Sun, Tribune Co.; Jane Hirt, managing editor, Chicago Tribune; Allison T. Davis, vice president, communications, Equity International
Subject: RE: credit score, employers, Baltimore Sun, Tribune Company, 2011-03-20 II

On your website, ConservativeAmerican writes, “Unless one’s credit score/history is relevant to the job, such as a bank teller or accounting department A/P, employers should be prohibited from checking on one’s credit rating prior to and after hiring.

And, MikeCalo said, “Am I to understand that Ms. Androutsopoulos denied a job to one guy because his credit score was low and she was afraid that he was a security risk, yet she hired a person, who had to declare BANKRUPTCY because of a mortgage, as an administrator??“

Politics R Dumb commented, “A qualified, hard worker should not be denied a job because their spouse was laid off, suffered a debilitating illness or accident or otherwise emergency situations that lowered credit scores.”

Brian writes, “People aren’t being hired because of credit score, age and, because they are already jobless.”

They believe what you published.  However, the national consumer reporting agencies all state that they do not provide credit scores for employment purposes.  The unique and, indeed, startling thing about your story is that you actually seem to have actually uncovered an actual employer who actually uses actual credit scores for actual employment purposes!

But, I’m betting that you actually didn’t.  That is because it would be a violation of the employer’s contract with the consumer reporting agency.  And, the reports that employers get do not even include credit scores.

This is not the first time that your company furthered this myth.  Last year, Jane Hirt of the Chicago Tribune replied: “Thank you for bringing this to my attention. I had not seen previous emails. I will ask that we look into this further and publish a correction if warranted.”

Is it warranted, yet?

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Gannett cites FICO as its source

[previous email to author]

From: Susan Tompor, columnist, Detroit Free Press
Sent: Tuesday, March 22, 2011 11:10 AM
To: greg@creditscoring.com
Subject: RE: Credit scores fall, Detroit Free Press II

The source on this was FICO.

Thanks,

Susan


From: Greg Fisher
Sent: Tuesday, March 22, 2011 1:10 PM
To: Susan Tompor, columnist, Detroit Free Press
Subject: RE: Credit scores fall, Detroit Free Press, 25.5

What is the name of the person representing Fair Isaac who—or what document—is your source regarding the notion that 10 percent is the ideal proportion of balances to credit limits?

Fair Isaac claims that the percentage of consumers who have a FICO score under 600 is 23.8%, not 25.5.  25.5% is a figure that represents consumers who fall under 600 in FICO 8, a credit score model not accepted in the automated underwriting guidelines of the two government-sponsored housing enterprises, and not even provided to consumers by Fair Isaac.  What is the name of the person representing Fair Isaac who—or what document—is your source regarding the 25.5% statistic?

Where do you publish corrections or clarifications for errors of fact?

You failed to answer that question.  Do you refuse to answer it, or do you not know the answer?

Detroit Free Press on credit utilization ratio

[previous email to author]

From: Greg Fisher
Sent: Tuesday, March 22, 2011
To: Susan Tompor, columnist, Detroit Free Press
Cc: Robin Pence, VP, corporate communications, Gannett Co., Inc.; Paul Anger, editor and publisher, Detroit Free Press
Subject: RE: Credit scores fall, Detroit Free Press II

Also, you wrote, “You’d want to use no more than 10% of your available credit for an ideal ratio.”

Who is your source regarding the ideal proportion of balances to credit limits?

Where do you publish corrections or clarifications for errors of fact?

See this message and your reply at http://blog.creditscoring.com/?tag=gannett.

[author’s response]

Employers credit score myth, UPI

From: Greg Fisher
Sent: Tuesday, March 22, 2011
To: United Press International
Subject: credit score, employers, UPI, Baltimore Sun, Tribune Co., 2011-03-20

See this message and your reply at http://blog.creditscoring.com/?tag=upi.

You wrote, “Maryland lawmakers, hearing about job applicants not hired because of poor credit scores, introduced a measure that would limit credit checks on job-seekers.”

The national consumer reporting agencies all state that they do not provide credit scores for employment screening.

What clarification will you make?


Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio  45409-0342

Employers credit score Catch-22 myth, Tribune Co.

From: Greg Fisher
Sent: Monday, March 21, 2011
To: Valerie S. Androutsopoulos, principal, Vangel Paper Inc.
Cc: Julie Bykowicz, reporter, Baltimore Sun, Tribune Co.
Subject: credit score, employers, Baltimore Sun, Tribune Company, 2011-03-20

See this message and your reply at http://blog.creditscoring.com/?tag=tribune-company.

The Baltimore Sun reported, “[Vangel Paper co-owner Valerie S.] Androutsopoulos said she doesn’t have blanket rules about using the reports and tends to ignore bad credit scores if they involve medical or education debts or mortgage issues.”

What is the name of the party who provides you with credit scores for employment purposes?


Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio  45409-0342

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