Credit scores in old and new media

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]

But, even funnier, is that the chain goes one more step:  The anonymous writer thinks a lot like another writer.

The Counter-Plagiarism Handbook : CJR
Copy, Shake, and Paste
University of Chicago Plagiarism Guidelines

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Update 12/23/2010:  Part Two

Canada – Pointage de crédit junk journalism from ValueClick

In an item on the Globe and Mail website, an Investopedia article contends, “Credit scores range from 300 to 850.”  However, in Canada the “pointages FICO vont de 300 à 900.”

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.

National Association of Realtors – NAR credit policy

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”

The policy states:  “NAR questions the assumption that borrowers who agree to a loan modification or a payment plan for credit obligations they can no longer afford but who then demonstrate their ability to handle the modified payments are higher credit risks. NAR urges FICO to study the credit risk performance of these consumers and modify the FICO formula accordingly.”
 

Dave Ramsey on employers and credit scores


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

From: Greg Fisher
Sent: Tuesday, November 23, 2010 6:46 PM
To: Dave Ramsey
Subject: FW: credit score, employers, Dave Ramsey, Dave Says

You wrote, “I wouldn’t want to work for a company that puts more emphasis on my FICO score than on me as a person… there are so many ways to make a living in this world that there’s no reason to put up with being reduced to a number like that.”

Who is your source regarding credit score use by employers?


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

______________________________

From: Greg Fisher 
Sent: Sunday, November 28, 2010 12:04 AM
To: Dave Ramsey; Dave Ramsey
Subject: RE: credit score, employers, Dave Ramsey, Dave Says II

Please reply.

______________________________

From: Greg Fisher
Sent: Monday, November 29, 2010 10:22 PM
To: Dave Ramsey; Dave Ramsey; Dave Ramsey
Subject: RE: credit score, employers, Dave Ramsey, Dave Says III

Please reply.

______________________________

See

http://www.foxbusiness.com/personal-finance/2010/11/23/potential-employers-check-credit-score/

 http://www.cbn.com/finance/ramsey111610.aspx

http://www.thehawkeye.com/story/Dave-says-112110

http://www.thekansan.com/newsnow/x794473925/Advice-on-engagement-ring

http://www.decaturdaily.com/stories/A-ring-on-her-finger-doesnt-have-to-cost-an-arm,71508

http://www.independentmail.com/news/2010/nov/21/dave-says-guidelines-purchasing-engagement-ring/

http://www.sj-r.com/business/x1892561430/Dave-Ramsey-Personal-Finance

http://www.knoxnews.com/news/2010/nov/22/spend-one-months-salary-on-engagement-ring/?partner=RSS