Key factors that adversely affected your credit score

See “Credit rating companies and the FICO need more oversight” published on The Hill’s Congress Blog (“Where lawmakers come to blog”).

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Wednesday, April 11, 2012 11:28 AM
To: L. Michael Hager, former director general, International Development Law Organisation; L. Michael Hager, former director general, International Development Law Organisation (2)
Subject: credit score reason codes

See this message and your response at http://blog.creditscoring.com/?p=3826 and http://blog.creditscoring.com/?tag=the-hill.

You wrote about the “‘key elements’” affecting one’s credit score.

Credit score company FICO’s illustration of the disclosure of the “Key factors that adversely affected your credit score” contains four “factors.”  They are required to be listed in order of their importance.

What is the first one on your disclosure?


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

Colorado, Morgan and the credit score zombie myth

The news media seem to repeat anything politicians tell them, including what one expert calls “The Myth of the Decade.”

That was the last decade, by the way.

The credit-scores-are-used-by-employers zombie myth’s life undead existence was reanimated again recently thanks to CBS’s Channel 4 in Denver, the Associated Press, the Denver Post— and the Post and the AP acting together.  The inaccurate information is even back on Wikipedia.

At the Colorado statehouse, the misinformation pushes Senate Bill 3 toward the brink. State senator Morgan Carrol’s bill states, “In spite of these systemic flaws, the nonpartisan public policy research and advocacy organization Demos concluded in its 2011 report ‘Discrediting America‘ that consumer credit scores and credit reports are being used more often and in more contexts than ever before, including by employers, utility companies, and insurers.”

Join the side of the truth, or the zombie myth may never end, Morgan.  Morgan.  Three years.  Three years.

Forbes misinformation about credit scores (typo also)

The Dirty Secret About Your Credit Score” is a deliciously seductive title of an inaccurate article on Forbes.com from Investopedia (too many –pedias) which is owned by ValueClick.

The filthy secret (are you sitting down?) is this: Loan interest rates are based on credit scores.

See “variable pricing” (now known as risk-based pricing) on creditscoring.com, circa 1998.

Before that 2010 shocker from ValueClick, in a typical introduction, the piece states, “It is a deciding factor for landlords in picking renters and some employers use credit scores to find dependable workers.”

Employers do not use credit scores because they cannot even get them (despite the story going around in Colorado the Colorado statehouse).

That rumor has a friend at Forbes (named Forbes).  Recently, Fair Isaac myFICO.com service namesake Suze Orman showed up and talked to a Forbes family member and did the deed.

Sloppy, sloppy, sloppy, New York.  And, there is a typographical error.  The ValueClick story says, “It determines the cost of majorpurchases[SIC] like cars and homes.”

At least they didn’t use the word even.

 

credit score, employers, CBS4 Denver

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Friday, February 10, 2012 9:56 AM
To: Rachel Lulay, CBS, National Amusements
Cc: Gloria Neal, award winning on-air talent, CBS4 Denver, National Amusements; Tim Wieland, news director, CBS4 Denver, National Amusements; Randy Fischer, state representative, Colorado; Randy Fischer, state representative, Colorado; Morgan Carroll, majority caucus chair, state senator, Colorado
Subject: credit score, employers, CBS4 Denver, National Amusements

See this message and your response at http://blog.creditscoring.com/?p=3386.

You broadcast, “I was surprised to learn that a lot of companies already do look at credit scores when hiring.”

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

On what day before the hearing will you broadcast a correction at the same time of day?


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

Groundhog Day, 2012: Wikipedia – Jimbo vs. Cookiehead

Groundhog Day, 2012: Wikipedia” updates the previous year’s entry, Groundhog Day, 2011. 

In an exciting showdown, the guy most associated with Wikipedia, Jimmy Wales, has his contribution edited by a Wikipedian named Cookiehead.  Including “Jimbo,” himself, the rogue editor, the New York Times and the Connecticut legislature, 2012 documents the source of inaccurate information and how it is disseminated by a powerful, byzantine organization with a website.

 

Freddie Mac eases credit score requirement for refinancing, 2012-01-05

Effective for Freddie Mac settlement dates on or after January 5, 2012, we are… Eliminating the minimum Indicator Score requirement of 620 for Relief Refinance Mortgages – Same Servicer with LTV ratios less than or equal to 80 percent, provided the principal and interest payment does not increase by more than 20 percent.”

Freddie Mac, regarding its “Single-Family Seller/Servicer Guide (Guide) Bulletin 2012-1.”

credit score, employers, The Street, Italian same-sex marriage

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Friday, November 18, 2011 1:38 PM
To: Brian O’Connell, freelance writer for The Street
Cc: Jeremy Bernerth, assistant professor, Robert H. & Patricia Hines Professorship in Management, Rucks Department of Management, E. J. Ourso College of Business, Louisiana State University; Daniel S. Whitman, assistant professor, Rucks Department of Management, Louisiana State University; John V. Lombardi, president, Louisiana State University; Shannon G. Taylor, assistant proessor, management, Northern Illinois University; John G. Peters, president, Northern Illinois University; Annie Thompson, Springfield press secretary, office of the Governor, State of Illinois; Jack Walker, assistant professor, Rawls College of Business, Texas Tech University; Guy Bailey, president, Texas Tech University
Subject: RE: credit score, employers, The Street, Italy

You’re at it again.

You wrote, “The LSU study points out that 60% of employers now use credit scores before hiring staffers.”

In 2009, when you included in a story you authored the notion that employers use credit scores, I had not yet called it a myth

What clarification will you make?

Also, what is a co-signor?  Is that an Italian borrower?


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

 

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Tuesday, August 18, 2009 2:07 PM
To: Brian O’Connell
Cc: Brian O’Connell; Brian O’Connell; Editors, mainstreet.com; Investor Relations, TheStreet.com; Michael Cooney, Network World; Feedback, thestandard.com; Nancy Schuman, Lloyd Staffing; editor, Long Island Press; Writers Corner USA; Jonathan Maberry, Writers Corner USA; customer Service, The Street; Letters to the Editor, The Street; David Morrow, The Street
Subject: RE: credit score, employers, TheStreet, 2009-08-12, 3 not 2

 Please reply.

 

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Saturday, August 15, 2009 12:10 AM
To: Brian O’Connell
Cc: Brian O’Connell; Brian O’Connell; Editors, mainstreet.com; Investor Relations, TheStreet.com; Michael Cooney, Network World; Feedback, thestandard.com; Nancy Schuman, Lloyd Staffing; editor, Long Island Press; Writers Corner USA; Jonathan Maberry, Writers Corner USA; customer Service, The Street; Letters to the Editor, The Street; David Morrow, The Street
Subject: RE: credit score, employers, TheStreet, 2009-08-12, 3 not 2

You have provided three different sources:

http://www.nytimes.com/2009/08/07/business/07credit.html?_r=2&hp

That links to a story written by Jonathan D. Glater and dated August 6.

http://m.thestandard.com/news/2009/08/13/should-your-credit-report-disqualify-you-job

That links to a story written by Michael Cooney and dated August 13.  It does not contain the word “score.”

http://www.longislandpress.com/2009/08/06/does-bad-credit-a-bad-candidate/

That links to a Long Island Press story written by Nancy Schuman and dated August 6.  The story states, “Full account numbers are not revealed and they won’t see a credit score, but they will be able to see late payments, collections and bankruptcies.”

There is a hyperlink to that story from the Cooney story.  They are not the same story.

If the Schuman story says that scores are not seen on a consumer report for employment purposes, then how can it be your source regarding credit score use by employers?

On June 17, you wrote: “A new job could be on the line, too. Many employers are including credit scores on background checks and any low score could cost you that potential dream job.”

For that story, who is your source regarding credit score use by employers?

What is the name of an employer who uses credit scores?

 

From: Brian O’Connell 
Sent: Thursday, August 13, 2009 7:58 PM
To: Greg Fisher
Cc: Brian O’Connell; Editors, mainstreet.com
Subject: Re: credit score, employers, TheStreet, 2009-08-12, dates don’t lie

Greg

It’s common for web sites to carry stories from original sources that ran the story earlier. Couldn’t find it originally, so I found the same exact story but from a different source (The Standard) since you asked for one.

But I just dug the original up. It’s the same story, though.

The second source is actually dated August 6 – from the Long Island Press – here’s the link . . . http://www.longislandpress.com/2009/08/06/does-bad-credit-a-bad-candidate/

BOC

 

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, August 13, 2009 4:42 PM
To: ‘Brian O’Connell’
Cc: Editors, mainstreet.com; Investor Relations, TheStreet.com; Brian O’Connell; Feedback, thestandard.com; Press, thestandard.com; Jonathan Glater, New York Times; Angela Onwuachi-Willig, University of Iowa; Jon Switalski, state representative, Michigan; Andy Dillan, state representative, Michigan; The Michigan Messenger
Subject: RE: RE: credit score, employers, TheStreet, 2009-08-12, dates don’t lie

Your second source does not use the word score.

But how can it be your source when it is dated after your piece?

 

From: Brian O’Connell
Sent: Thursday, August 13, 2009 4:07 PM
To: greg@creditscoring.com
Cc: Brian O’Connell; Brian O’Connell; Editors, mainstreet.com; Investor Relations, TheStreet.com
Subject: Re: RE: credit score, employers, TheStreet, 2009-08-12

Hi Greg,

Two sources . . . 

http://www.nytimes.com/2009/08/07/business/07credit.html?_r=1&hp

http://m.thestandard.com/news/2009/08/13/should-your-credit-report-disqualify-you-job

Best,

Brian O’Connell

Brian O’Connell
The Writers Corner
[address]
[cell]
[office]
[email]

 


From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, August 13, 2009 3:55 PM
To: Brian O’Connell; Brian O’Connell
Cc: Editors, mainstreet.com; Investor Relations, TheStreet.com
Subject: RE: credit score, employers, TheStreet, 2009-08-12

Please reply.


From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, August 13, 2009 12:41 AM
To: Brian O’Connell; Brian O’Connell
Cc: Editors, mainstreet.com
Subject: RE: credit score, employers, TheStreet, 2009-08-12

You wrote, “For instance, many employers use credit scores to gauge a job applicant’s quality of character.”

Who is your source regarding credit score use by employers?

 


From: creditscoring.com [mailto:greg@creditscoring.com]
Sent: Wednesday, June 17, 2009 11:08 PM
To: Brian O’Connell; Brian O’Connell
Subject: credit score, employers, TheStreet, 2009-06-17

You wrote: “A new job could be on the line, too. Many employers are including credit scores on background checks and any low score could cost you that potential dream job.”

Who is your source regarding credit score use by employers?

 

credit score, employers, Connecticut sSB 361 passes Senate

The Connecticut Senate passed sSB 361.

The title says it all:  “AN ACT PREVENTING THE USE OF CREDIT SCORES BY CERTAIN EMPLOYERS IN HIRING DECISIONS.”

One headline reads, “Senate passes bill that prohibits employers from asking new hires about their credit score.”

See Credit scores. Pre-employment screening. Influence: Government.  The national consumer reporting agencies all claim that they do not even provide credit scores for employment screening.

credit score, employers, Connecticut SB 361, HB 5061 (2010), Yale

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Tuesday, April 19, 2011 7:57 PM
To: Michael J. Morand, associate vice president of Yale University for New Haven and State Affairs
Cc: Martin Looney, state Senator, Majority Leader, Connecticut; Martin Looney, state Senator, Majority Leader, Connecticut (press aide email address); Matthew Lesser, state Representative, Connecticut; Robert Hiltonsmith, policy analyst, Demos; Timothy k. Rusch, director of Communications, Demos; Amelia Warren Tyagi, board chair, Demos; Miles Rapoport, president, Demos; Lori J. Pelletier, secretary-treasurer, Connecticut AFL-CIO; John Olsen, president, AFL-CIO, Connecticut; Sarah Poriss, attorney at law; Edith Prague, state Senator, chair, Labor & Public Employees, Connecticut; Edith Prague, state Senator, chair, Labor & Public Employees, Connecticut (press aide email address); Kia Murrell, assistant counsel, Connecticut Business & Industry Association; Kevin T. Kane, Chief State’s Attorney, Division of Criminal Justice, Connecticut
Subject: RE: credit score, employers, Connecticut SB 361, HB 5061 (2010), Yale

See this message and your response at http://blog.creditscoring.com/?tag=connecticut-sb-361.

You testified, “I write of behalf of Yale University, whose mission includes operations where the use of credit reports in employment decisions is prudent and reasonable.”

Is obtaining credit scores an option provided by your employment screening report supplier?


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

[attached:  copy of previous messages]