From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Wednesday, January 25, 2012 9:47 AM To: Jerome B. Gronfein, chairman, North Seattle Community College Foundation Subject: credit score, employers, digitaljournal.com, American Financial Solutions, North Seattle Community College Foundation, Jerome B. Gronfein
Your press release states: “Credit scores are an integral part of the financial portfolio for Americans. The score wields power on everything from employment opportunities to auto insurance rates and deposits on cell phones to qualifying for a home.
That statement is inaccurate; the consumer reporting agencies do not provide credit scores for employment purposes.
What are you doing to correct that inaccurate information?
—
Greg Fisher
The Credit Scoring Site creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342
One day last week, finally, Wikipedia misinformed no one. Today, the goofiness is back.
On the eve of Groundhog Day, here is Vigil #1, a thread to follow the latest atrocity on Wikipedia. One instance of goofy, wild, preposterous, ridiculously inaccurate and unsupported information has now lasted over 30 days.
The consumer reporting agencies all state that they do not provide credit scores for employment purposes.
Despite that–and a growing list of Nonbelievers–one of the most influential sources of information has it wrong (again). Wikipedia states, “In 2009, [consumer reporting agency] TransUnion representatives testified before the Connecticut legislature about their practice of marketing credit score reports to employers for use in the hiring process.[23]”
Footnote #23, indeed, links to a real New York Times piece alright, but that story actually states that a TransUnion representative “testified to Connecticut legislators in February 2009, explaining why TransUnion markets its credit reports [not scores] to employers.”
Yes. Let’s get that straight, not like some storied sources, academics, and other hotshots who have trouble with facts and the truth (even while testifiying before Congress), and members of Congress themselves. You can make all the references you want to fancy “reliable sources,” but that’s pointless if the source actually says something other than what you say.
But the Times’ reporting doesn’t help in clarifying things, either, stating, “Employers can generally use credit checks — but not credit scores — during the employment process as long as they obtain written permission from the potential employee.”
Such is the inconclusive and confounding power of milqtoast words like “generally,” and use of the mdash.
So, if you are a Wikipedian (rhymes with comedian) looking for another notch on your belt, or you want to start editing with a bang, here is your chance for a slam-dunk. You’ll even have Jimmy Wales on your side as a Nonbeliever. But don’t think you’re going to have the last word: even Jimbo himself didn’t.
But, what do you expect for free– and from somebody who calls himself Cookiehead?
“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.”
Few are legitimate experts in credit reports in employment screening; Lester Rosen is one of them.
Despite years of his efforts to counteract it, the mass hysteria media just won’t stop spewing the nonsense that employers use credit scores. Rosen tarries on, though:
In a white paper co-authored by Rosen titled ‘Use of Credit Reports in Employment Background Screening,’ the point is made that credit reports do NOT contain credit scores, and are only obtained at the very end of the hiring process so an employer can be assured they are not hiring a risky employee. Credit scores are not part of an employment credit report since there is no correlation between a credit score and job performance.
Press releases. A white paper. A radio interview. Capital letters.
From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Wednesday, January 04, 2012 12:07 AM To: Steven D. Levitt, William B. Ogden distinguished service professor of economics, University of Chicago; Stephen J. Dubner, award-winning author, journalist, and radio and TV personality 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 Subject: credit score, employers, LSU, Freakonomics
The Better Business Bureau indicates that the primary contact for AnnualCreditReport.com is David Vaughn.
A- is the BBB rating, and that is the same rating for Central Source LLC, the company whose telephone number is the same as AnnualCreditReport.com. The addresses associated with each of those identities are slightly different (PO Box 105281 vs. 105283).
The BBB states that Central Source LLC’s alternate business name is AnnualCreditReport.com. AnnualCreditReport.com’s alternate business name is Annual Credit Report Request Service, TransUnion.
There is no BBB listing for Annual Credit Report Request Service, TransUnion, however AnnualCreditReport.com is listed as an aka for TransUnion.
Managers listed by the State of Florida Department of State Division of Corporations for Central Source LLC are Kent Mast, John Blenke, and Jason Engel.
From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Friday, December 30, 2011 6:45 AM To: John Warnock, chairman, Salon Media Group Inc. Cc: Don Hazen, executive director, Independent Media Institute Subject: RE: credit score, employers, Salon, 2011-12-02 II
Your article: “A credit score is created when an algorithm is applied to the data in your credit file.”
Another publication’s article: “A credit score is created when an algorithm is applied to the data in your credit file.”
Answer the question now.
—
Greg Fisher
The Credit Scoring Site creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342
From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Tuesday, December 27, 2011 2:01 PM To: John Warnock, chairman, Salon Media Group Inc. Subject: credit score, employers, Salon, 2011-12-02
On a page actually titled “Credit Myths and Misconceptions,” TransUnion states this:
Credit myths and credit misconceptions are plentiful. Don’t let incorrect information influence your credit behavior. Some of the most common credit myths are…
It helps to close old accounts. This credit myth advocates closing old and inactive accounts to hike up your score. However, this might inadvertently have the opposite affect and lower your credit score because now the credit history appears shorter.
However, credit score expert John Ulzheimer discusses closing accounts with a reader saying, “You’ve identified what I believe is the 2nd most common myth in credit scoring, right behind ‘employers using credit scores.’”
From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Monday, December 19, 2011 2:54 PM To: Jeffrey L. Bewkes, chairman of the board and CEO, Time Warner Inc. Cc: Scott Medintz, editor, MoneyLand, Time Magazine; Scott Medintz, editor, MoneyLand, Time Magazine; Chris Farrell, economics editor, Marketplace Money, American Public Media; Ian R. Friendly, chair, Board of Trustees, Minnesota public Radio and executive vice president, chief operating officer, U.S. Retail, General Mills Subject: RE: credit score, myth, proportion of balances, Time Warner Inc.
Either your source misled you or your math is off. Who is your source regarding your claim of the 30 percent importance of the so-called “utilization ratio”? It is, indeed, a myth.
Earlier this month, another journalist made a correction about the same issue. However, he failed to provide the source for his original claim. Peculiarly, even the article to which his story links calls it a myth.
And, who calls it “utilization ratio,” anyway?
—
Greg Fisher
The Credit Scoring Site creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342