Category: Government

Some have no credit score

In a commentary for UPI, Morgan Strong wrote

There is another thing far more certain than mere superstition that awaits the  newborn. There is a Social Security number and a credit rating. Beginning with  our squalling breech of the womb, we are marked by this obscenity. This marking,  indelible yet unseen, our credit score, will continue throughout our lives and  in effect compel us to make the choice of the path we are to follow.

That is inaccurate.  Consumer reporting agency files are not recorded and retained on the newborn.  If there is no information on a consumer, then there is no credit score.  According to the state of New York Department of State, Division of Consumer Protection, “The credit agencies do not knowingly keep credit files on minors.”

 

The Ph.D.s are running the asylum

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Tuesday, April 24, 2012 5:05 PM
To: Francis S. Collins, M.D., Ph.D, director, National Institutes of Health (via J. Burklow); Francis S. Collins, M.D., Ph.D, director, National Institutes of Health (via M. Allen); Francis S. Collins, M.D., Ph.D, director, National Institutes of Health (via K. Cravedi)
Cc: Dr. Woody; Dr. Woody (via Tom Estley); Rupert Murdoch, chairman and CEO, News Corporation (via Julie Henderson); Roger Ailes, chairman and CEO, Fox Business Network, Fox News, News Corporation; Roger Ailes, chairman and CEO, Fox Business Network, Fox News, News Corporation (alt I); Roger Ailes, chairman and CEO, Fox Business Network, Fox News, News Corporation (alt II); Irena Briganti, group SVP, Media Relations, Fox Business Network, Fox News, News Corporation; Brian Lewis, executive vice president, Corporate Communications, Fox Business Network, Fox News, News Corporation; Daniel S. Whitman, assistant professor, Rucks Department of Management, Louisiana State University
Subject: credit score, employers, Fox Business, Act II, NIH

On your website, an abstract for the research publication “An empirical investigation of dispositional antecedents and performance-related outcomes of credit scores” falsely states, “Many organizations use credit scores as an employment screening tool, but little is known about the legitimacy of such practices.”

Employers do not use credit scores.  Please stop repeating the inaccurate information.

The authors of the report have not replied.  One of them is quoted in a story dated one day ago and published by Rupert Murdoch of Fox Business Network and News Corporation.  Murdoch published, “According to the Society for Human Resource Management, 60% of employers check applicants’ credit scores for at least some of their job candidates as part of their hiring process.”  Then, the word scores changed to reports.

Poof—it’s just like magic, as if it never happened.  However, the piece still states, “It’s not enough that we have to keep up with three different versions that never seem to quite agree, but nowadays we must also be ready to defend our scores during a job interview.”

No, we do not.  That is preposterous.

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

[previous message]

New Young Broadcasting errors and corrections

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Monday, April 16, 2012 11:12 AM
To: Deborah A. McDermott, president, New Young Broadcasting Holding Co., Inc. (via Nashville Bank and Trust); Deborah A. McDermott, president, New Young Broadcasting Holding Co., Inc. (via Leadership Nashville Foundation)
Cc: Angela Kennecke, news anchor, KELOLAND Television, New Young Broadcasting; Press office, U.S. Consumer Financial Protection Bureau; Corrections, KELOLAND News, KELO-TV, New Young Broadcasting
Subject: RE: The News at Ten and its corrections, .tv II

Please reply.

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

[previous message]

The News at Ten and its corrections

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Friday, April 13, 2012 10:37 AM
To: Deborah A. McDermott, president, New Young Broadcasting Holding Co., Inc. (via Nashville Bank and Trust)
Cc: Angela Kennecke, news anchor, KELOLAND Television, New Young Broadcasting; Press office, U.S. Consumer Financial Protection Bureau
Subject: The News at Ten and its corrections, .tv

See this message and your response at https://blog.creditscoring.com/?p=3843.

You broadcast, “Whether you’re applying for a mortgage or a job, your credit score determines how easy it will be for you to get it” and “You could even be turned down for a job if your credit score isn’t high because you may look irresponsible to a prospective employer.”

Employers do not use credit scores.  Pay no attention to that attorney general behind the website.

Did your interviewer ask the Consumer Financial Protection Bureau director about employers allegedly using credit scores?

It’s complicated.

When do you air corrections?

Have you been to Tuvalu?

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

[next message]

Slight, daily variations


From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, April 05, 2012 12:43 PM
To: Lori Swanson, attorney general, State of Minnesota; Lori Swanson, attorney general, State of Minnesota (alt email address); Lori Swanson, attorney general, State of Minnesota (2nd alt email address)
Cc: Jeff Holman, communications director, Dept. of Human Rights, State of Minnesota
Subject: RE: credit score, employers, Minnesota Attorney General II

Please reply.

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

[previous message]

credit score, employers, Minnesota Attorney General

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Wednesday, April 04, 2012 12:50 AM
To: Lori Swanson, attorney general, State of Minnesota; Lori Swanson, attorney general, State of Minnesota (alt email address); Lori Swanson, attorney general, State of Minnesota (2nd alt email address)
Subject: credit score, employers, Minnesota Attorney General

See this message and your response at https://blog.creditscoring.com/?tag=minnesota-attorney-general.

You wrote: “Credit scores are used by credit card companies, auto lenders, landlords, and home mortgage lenders to predict the likelihood that a consumer will pay their bills. They are also used by insurance companies to decide how much to charge people for homeowners and automobile insurance and by some employers.”

In the same document, you also wrote: “Credit scores are not only used by lenders. Landlords, employers, utility companies and insurance companies also use a variation of the credit score in determining whether to rent an apartment, give a job, underwrite an insurance policy, or hook up electricity.”

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

What indicates that employers use credit scores?

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

reply, Hearst, media accuracy, erroneous reporting

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, March 22, 2012 10:26 AM
To: J.T. O’Donnell, columnist, J.T. & Dale Talk Jobs; J. T. O’Donnell, founder & president, CAREEREALISM
Cc: George R. Hearst, Jr., chairman, Hearst Corporation (via Lisa Bagley); William Dean Singleton, chairman, MediaNews Group, Inc.; Dale Dauten, columnist, J.T. & Dale Talk Jobs; Mary E. Junck, chairman, president and CEO; chairman, Executive Committee, Lee Enterprises; Mary Junck, Associated Press; Dale Quinn, reporter, Arizona Daily Star, Lee Enterprises
Subject: Re: media accuracy, errors and corrections, Lee Enterprises, Hearst, AP, a real joke

You must be joking about Lee Enterprises.

Experian states: “Experian’s Employment Insight report includes similar information about loans and credit cards that is listed in the credit report. It does not include year of birth, spouse reference, account number or credit score, which are irrelevant to hiring decisions”

I hope that’s official enough for you.  Actually, a guy gave a testimony.  He swore it, under oath even!

Finally, there is no longer anything on Equifax’s website about employers using credit scores.

So, that begs the question: Who is your source?  And, if nobody said it in the first place, then what are you “validate/research” -ing?

On the other hand, Experian says, “Creditors, landlords, and even some employers consider a person’s credit score before deciding whether they will approve a loan, lease an apartment, or hire an applicant.”

Why don’t you tell that story?

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

 

From: [email address] On Behalf Of J.T. O’Donnell
Sent: Wednesday, March 21, 2012 6:00 PM
To: greg@creditscoring.com
Subject: Re: media accuracy, errors and corrections, Lee Enterprises, Hearst, AP

Greg,

Just sent you a tweet but figured I’d email you too.

I hope you can understand that because you are the one emailing, we need to validate/research what you are saying.

I’ll circle back with you when I learn more.

Thanks for your patience,

JT

[previous email]

 

Experian claims employers consider credit scores for hiring

A long time ago, Experian, itself, stated, “Experian’s business policy prevents the inclusion of credit scores with an employment report, at Experian called Employment Insight.”

Today, however, Experian states, “Creditors, landlords, and even some employers consider a person’s credit score before deciding whether they will approve a loan, lease an apartment, or hire an applicant.”

That quotation is from ProtectMyID, a “part of Experian.”

In the United Kingdom, for that kind of monkey business, you are rewarded with knighthood.

And, with that, we have a new countdown.

 

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, Washington Post Company

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, February 16, 2012 7:40 PM
To: Ylan Q. Mui, reporter, Washington Post
Cc: Patrick B. Pexton, ombudsman, Washington Post; Donald E. Graham, chairman, Washington Post Company
Subject: credit score, employers, Washington Post Company

See this message and your response at https://blog.creditscoring.com/?p=3433 and https://blog.creditscoring.com/?tag=washington-post-company.  Also, see Tips for reporters; you need it (and so does your editor).

You wrote

Those scores have become crucial in the aftermath of the financial crisis. Some employers are even looking at credit scores as criteria for jobs. A car, a home, a college education are all financed by lenders that rely on the score to determine who gets credit and how much they pay for it.

Your word even is a real hoot!  Employers do not use credit scores.  The consumer reporting agencies do not even provide credit scores for employment purposes.

An ethical journalist cites his source.  Who is your source?  Is it Wikipedia?

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