vs. The Fed – The 2007 employers incident

The Federal Reserve continues to gain on  There is 2010 (twice), 2008, and here is a 2007 incident. 

In “Impatience and Credit Behavior: Evidence from a Field Experiment” Federal Reserve researchers state, “Additionally, credit scores can be used by potential employers and landlords in employment and tenancy decisions.” 

Federal Reserve Bank of Boston Working Paper No. 07-3 is published on the Fed’s website.

Referring to the paper, the Federal Reserve Bank of Boston publication “Research Review” states, “FICO scores, which reflect an individual’s creditworthiness and are widely used to determine loan interest rates, insurance rates, employment offers, and tenancy decisions, are associated with long-run discount factors.” 

The hifalutin research document also states, “For scored individuals, the mean FICO score was 623 (s.d 83), which is below the U.S. average of 67816. ”

However, in August 2007, Fair Isaac said, “The average FICO score is not 678.”

Footnote 16 refers to– you guessed it– Experian.

But, all may not be lost, truthseekers– there could be a revision.  Page 1 states, “This paper, which may be revised, is available on the web site of the Federal Reserve Bank of Boston at”