Author: Greg Fisher

Two and Two: FICO score factors, creditcardguide.com, Bankrate, Inc.

“FICO scores don’t punish people for having a lot of credit cards.” – Eva Norlyk Smith, Ph.D., “longtime correspondent for Credit Card Guide” 
 
“Too many bank/national revolving accounts” –  “US FICO credit risk score reason codes,” Fair Isaac (FICO)
 
“Consumers with a moderate number of credit accounts appearing on their credit bureau report represent lower risk than consumers with either a relatively large number of credit accounts or a very limited number of credit accounts.” – “FICO Score Factors Guide” – ScoreInfo, Fair Isaac (FICO)
 

Credit score urban legend spread by academia

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Wednesday, November 02, 2011 11:50 PM
To: 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

You said, “Most companies attempt to justify the use of credit scores because they think such employees will end up stealing, but our research suggests that might not be the case.”

The use of credit scores by employers is an urban legend.

Name a company who uses credit scores in employment screening.

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

@Experian can’t make up its mind on employers using credit scores

While the head of Experian (the sheriff of Nottingham) continues his 2-year resignation, the consumer reporting agency remains internally conflicted regarding the urban legend that employers use credit scores.

The San Francisco Chronicle reports, (Experian spokeswoman Susan) “Henson says the report Experian provides to employers excludes some information given to lenders, such as a credit score, year of birth, any reference to a spouse and “any account numbers not relevant to the hiring decision.'”

Experian, itself, 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” (click on “Bad credit doesn’t impact candidates getting hired.”).

Experian also says: “Employers never get a credit score. Unfortunately, that is a very common misperception” (click on “Do employers actually pull the credit report from the credit reporting company or do they pull just the score?”).

However, elsewhere, Experian says (tweets, actually), http://mashable.com/2011/08/09/linkedin-profile-job-search/ to help get you closer to that job offer (the one that requires a background check complete with credit score!).

And here’s another doozy (as reported by creditscoring.com) from Experian: “More Employers Check Applicants’ Credit Scores.”

Wassup Sheriff Knightman?

Bankrate and Fox Business spread urban legend that employers use credit scores

Contact with London, New York, North Palm Beach and Austin

Also, see: 

  • CreditCards.com:
    • “Employers may look at your credit score when you’re applying for a job, and landlords look at it for prospective renters,” he (Scott Crawford, CEO and co-founder of DebtGoal.com) says.”
    • “The general statement won’t affect your FICO credit score, but employers can’t look at your FICO score anyway, says Larry Lambeth, president of Employment Screening Services, a company that provides pre-employment screenings for more than 6,000 companies in the United States and abroad.”
    • “Credit scores, on the other hand, shouldn’t ever be viewed by employers.”
  • Bankrate.com:
    • “Credit reports and credit scores show up in the background checks employers increasingly order at the time of hire or promotion.”
    • “Contrary to popular belief, employers can only see your credit report, not your credit score.”
    • “Watch this video from Creditscoring.com to see how widespread this falsehood is.”

 

From: Greg Fisher
Sent: Monday, October 24, 2011 12:53 AM
To: Ben Harding, press contact, Apax Partners; Peter C. Morse, chairman, Bankrate, Inc.; Thomas R. Evans, president & CEO, Bankrate, Inc.; Editors, CreditCards.com
Cc: Jodi Helmer, writer, CreditCards.com; Teri Everett, senior vice president, Corporate Affairs & Communications, News Corporation
Subject: credit score, employers, urban myth, Fox Business, CreditCards.com, 2011-10-17

You published, “For one thing, even if you’re not looking at your score, your prospective employer may.”

The consumer reporting agencies all state that they do not provide credit scores for employment purposes.  Even your own website, Bankrate.com, states, “’There’s a misconception that scores are used, and scores are not used,’ says Steven R. Katz, spokesman for Chicago-based agency TransUnion.”

Will you make a correction?

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

Credit score urban myth by the numbers

creditscoring.com

Video 1: 3021 views in 2 years
Video 2. 396 views in 6 months

The Young Turks

“Should Employers Check Credit Scores?”: 13,142 in 4 days

“The Young Turks” host said, “So, who gives a damn what their credit score is?”

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

[email to The Young Turks]

The Young Turks spread urban myth about credit scores and employers

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Tuesday, October 18, 2011 4:17 PM
To: Ana Kasparian, co-host and producer, The Young Turks
Cc: Cenk Uygur, host, The Young Turks
Subject: credit score, employers, The Young Turks

You said, “They’re specifically targeting TransUnion, which is a privately owned company that gives employers access to credit scores.”

However, TransUnion stated, “There’s no such thing as a credit score in employment.”

What is your correction policy?

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

examiner.com replies regarding employers and credit scores

From: Examiner Legal 
Sent: Thursday, October 13, 2011 11:01 AM
To: greg@creditscoring.com
Subject: [JunkMail] Re: credit score, employers, examiner.com, wallow in economic despair II

Mr. Fisher,

Thank you for bringing this matter to our attention.  We are currently looking into your complaint.

Please be aware that the articles and other content contributed to Examiner.com by various independent third party authors (referred to on our website as “Examiners”) are selected, written, posted and controlled solely by the authors thereof.  The Examiners are independent third parties who have selected a topic on which they wish to write, and when they deem appropriate, they contribute content to our website related to that topic.  Although the Examiners have agreed to certain standard terms and conditions regarding the content they choose to write and post on our website, the Examiners alone determine the content of the articles, including any photographs or video they may choose to include with the articles.  Because the Examiners are independent third parties, and the topics and substance of their articles are not controlled by Examiner.com, we are not responsible for, and cannot be held liable for, the content thereof.  Examiner.com does not review all of the content posted by the approximately 70,000 Examiners contributing to our website, and we had not read this article before you brought it to our attention.  However, when someone points out problems with material posted by an Examiner, we inform the applicable Examiner and request that the Examiner remedy the situation (or we pull the material from our site under certain circumstances, including if it violates our Terms of Use).

In addition, many, but not all, of the Examiners provide contact information on their profile page, which is accessible by clicking on their title.  If you have concerns about the content of an article, we encourage you contact the Examiner directly, when possible.  Again, thank you for bringing this matter to our attention.

Best regards,
Examiner.com

Confidentiality Notice – This message and its attachments are confidential and intended for the use of the addressee.  Any unauthorized dissemination, copying, or distribution of this communication is strictly prohibited.  If you have received this e-mail in error, please delete the original message and all attachments and notify the sender at the above-listed e-mail address.

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Content farms use same article with urban myth about credit scores

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Wednesday, October 12, 2011 9:52 PM
To: Philip Anschutz; Philip Anschutz
Cc: Peter G. Kreysa, owner, Ultio, LLC
Subject: RE: credit score, employers, examiner.com, wallow in economic despair II

Please reply.

You published, “The recent suit filed against a chain of Restaurants is just the latest instance where many of today’s employers are taking advantage of the current economic crisis.”

Capitalizing the word Restaurants is another error.

Do you even read an article before publishing it?

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

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VISA spreads credit score myth then says myths run rampant

One of the major proponents of the credit score/employers myth is Visa, Inc.  Ironically, the credit card company just issued the statement, “Visa Inc. Survey: Credit Score Myths Run Rampant.”

In 2007, Visa took it on the chin for its unsubstantiated statements about credit scores and jobs.  The company, through its Practical Money Skills for Life program replied, “We’re not at liberty to disclose specific employers who use credit scores in employee screening, but we are aware of instances in which this has been done.”

Last year, the person at the center of the 2007 silliness did the deed again.  Visa senior director Jason Alderman wrote, “A poor credit score can impact their ability to qualify for loans, secure favorable interest and insurance rates or even get a job or an apartment.”

Unlike other rumormongers (aka journalists with unnamed sources), Visa knows (or, at least, it says it knows) of instances of the alleged illicit, unauthorized practice.  It’s just that it’s a secret.

Visa:  It’s everywhere (unfortunately).

 

From: “creditscoring.com” <greg@creditscoring.com>
Date: Thu, 12 Feb 2009 13:36:22 -0500
To: <info@whatsmyscore.org>, <globalmedia@visa.com>, <valmanaf@visa.com>, <jensenp@visa.com>, <chlebowm@visa.com>
Subject: credit score, employers

You wrote, “Many employers have made checking a credit score a mandatory part of the job application process, just as drug testing and criminal background checks are now common requirements for jobs in many industries.”

and

“Credit scores determine… in some cases, whether you get that job or apartment you’ve been hoping for.”

See http://creditscoring.com/influence/government/employercreditscorebelievers.html#visa1 .

Who is your source regarding credit score use by employers?

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

 

From: Practical Money Skills for Life [mailto:info@practicalmoneyskills.com]
Sent: Tuesday, February 17, 2009 3:52 PM
To: greg@creditscoring.com
Cc: Mark Flanagan
Subject: Re: credit score, employers

Hello Greg

Our source for this information is the Federal Trade Commission. Please see their Consumer Alert here:
http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt053.shtm

We’re not at liberty to disclose specific employers who use credit scores in employee screening, but we are aware of instances in which this has been done.

Thank you.

Practical Money Skills for Life Support
http://www.practicalmoneyskills.com

 

From: creditscoring.com [mailto:greg@creditscoring.com]
Sent: February 17, 2009
To: Practical Money Skills for Life
Cc: pcohen@visa.com; info@whatsmyscore.org; globalmedia@visa.com; valmanaf@visa.com; jensenp@visa.com; chlebowm@visa.com
Subject: Re: credit score, employers II, FTC, identity

The word “score” does not appear in that Federal Trade Commission document.

What are the words on that FTC page to which you refer?  Did you see the actual credit score in the employment screening instances?  Does Visa use credit scores in employee screening?

What is your name?

 

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Wednesday, October 12, 2011 12:31 PM
To: jason@practicalmoneyskills.com
Cc: pcohen@visa.com; info@whatsmyscore.org; globalmedia@visa.com; valmanaf@visa.com; jensenp@visa.com; chlebowm@visa.com; Practical Money Skills for Life
Subject: RE: credit score, employers III, survey

Did you include a question about employers using credit scores?

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

Content farm urban myth about credit scores and employers

From: Greg Fisher [greg@creditscoring.com]
Sent: Tuesday, October 11, 2011 2:28 PM
To: Philip Anschutz
Subject: credit score, employers, examiner.com, wallow in economic despair

You published these sentences:

“All over the United States, employers continually discriminate not only because of age, gender or race they now use credit scores, religion, and even being unemployed as reason enough to keep one from landing a job.”

“It wasn’t until around 2000 that credit scores were actually becoming more of an issue in terms of eligibility for securing employment.”

“So, if a person falls behind in just one utility bill for example there[SIC] credit score suffers and so does that person’s ability to secure either a better job or just to get a job.”

“All because of the employer sets the criteria for employment not really based on ones[SIC] ability, experience, or knowledge on how to actually do the job, but solely based on a credit score.”

“Until a national awareness that any form of discrimination whether it is age, sex, religion, race, a low credit score, or just being unemployed deters real economic growth by allowing employees and prospective employees the ability to have access to gain mobility up the economic ladder the United States will only continue to wallow in economic despair.”

The consumer reporting agencies do not sell credit scores for employment purposes.

What is your correction policy?

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

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