Despite consumer reporting agencies’ emphatic statements that they do not provide credit scores for employment screening, ABC News writes:
But your credit score can also prevent you from getting that new job. Many recent applicants — from the newly divorced to recent grads saddled with student loans – are finding that their credit scores are keeping them from getting hired.
The television network’s statement is part of a request for stories about the topic from readers.
http://www.buffalonews.com/410/story/667793.html
http://www.courier-journal.com/article/20090517/BUSINESS/905170338/1003/ARCHIVES
http://www.ocregister.com/articles/credit-card-rate-2381680-utilization-percent
http://www.fresnobee.com/columnists/salinas/story/1374724.html
http://www.miamiherald.com/136/story/1028698.html
http://www.philly.com/philly/columnists/michelle_singletary/043009_color_of_money.html
http://www.projo.com/business/content/bz_singletary03_05-03-09_DJE6T79_v6.17c60ad.html
From: creditscoring.com
Sent: Wednesday, May 20, 2009 11:35 AM
To: Michelle Singletary, Wasington Post personal finance columnist (The Color of Money email address); Michelle Singletary (another Washington Post email address for Singletary)
Cc: Andy Alexander, Washington Post ombudsman; Andy Alexander (another Washington Post email address for Alexander); Shirley M. Carswell, Washington post deputy managing editor
Subject:RE: credit score, employers III
Please reply.
From: creditscoring.com
Sent: Tuesday, May 19, 2009 8:49 AM
To: Michelle Singletary, Wasington Post personal finance columnist (The Color of Money email address); Michelle Singletary (another Washington Post email address for Singletary)
Cc: Andy Alexander, Washington Post ombudsman
Subject:RE: credit score, employers II
You also wrote, “If the market has widely embraced the FICO credit score, Congress shouldn’t allow business quarrels — not now when credit is hard to get — to result in shutting down access to information that is essential to obtaining the best loan, insurance rate or even a job.”
Please reply.
From: creditscoring.com
Sent: Sunday, May 17, 2009 7:24 PM
To: Michelle Singletary, Wasington Post personal finance columnist (The Color of Money email address); Michelle Singletary (another Washington Post email address for Singletary)
Subject:credit score, employers
You wrote: “And a lower credit score means you pay more for the money you borrow. It can also mean higher insurance rates for your home or car, or worse, the loss of a job.”
Who is your source regarding credit score use by employers?
From: creditscoring.com
Sent: Tuesday, June 09, 2009 12:36 PM
To: Steve Ely, Equifax
Cc: Ilyce Glink; Coretha M. Rushing, chief human resource officer, Equifax
Subject: credit score, employers, Equifax HR
You said, “I will tell you, even when you apply for a job at Equifax, we check your credit score because we’d like to make sure that you are good at managing your money.”
What credit score is required for the CEO’s job?
From: creditscoring.com
Sent: Friday, June 05, 2009 12:09 PM
To: Alice Gomstyn
Cc: Emily Peters
You wrote, “Peters says that nearly a third of your credit score is dependent on how much you owe, compared to how much you have the capacity to borrow — your debt utilization.”
If that ratio represents almost a third of the FICO score, then what percentage does the “Number of accounts with balances” represent?
Contrary to information from its credit score company, Equifax claims that the portion of the population who have a credit score over 800 is one percent (1%).
However, a distribution chart from FICO, the credit score company, indicates that 13% have 800 or more.
In a video interview, Steve Ely, president, North American Personal Solutions of Equifax, Inc. states: “I think less than one percent of the population has more than 800. So, you’re in an elite crowd if you have higher than an 800.”
The statement is accompanied by a graphic which states, “Less than 1% have 800 or higher.”
New encyclopedia game contestant Kat Malone removed Wikipedia’s 678 credit score myth on May 22, 2009, after it stood for one year and 9 months.
The user challenged the 678 myth in the Wikipedia article “Credit score (United States)” with the deadly wiki “citation needed” flag.
Other important and controversial changes in the wiki include capitalizing the word corporation, and that the FICO score scale is between “300 and 800 (per Barack Obama),” “300 and 850,” and “300 and 800 (change it back, I dare you).”
The wiki is a top-ten result for the term credit score at search engines Google, Yahoo! and MSN.
Website creditscoring.com covers the wiki folly and wiki myth at “Influence: Media, Wikipedia” and “Fake-O FICO Funk.” The credit score website’s author even traveled to San Francisco to alert Wikipedia in person, but was unsuccessful because Wikipedia’s headquarters address is secret.
REPORTER: “Jim, if finances have a heartbeat, it’s the credit score. It affects what you pay for mortgages or rent, your auto loan, your insurance, your utility deposits, and even if you’ll get a job.”
From: creditscoring.com
Sent: Wednesday, May 20, 2009 2:52 PM
To: Elizabeth Crenshaw (askliz@nbcwashington.com)
Cc: Jeff Zucker, ‘news4pr@nbc.com’; ‘nbc4dc@nbc.com’
Subject: credit score, employers
You said: “If finances have a heartbeat, it’s the credit score. It affects what you pay for mortgages or rent, your auto loan, your insurance, your utility deposits, and even if you’ll get a job.”
Who is your source regarding credit score use by employers?
Equifax, 2008: “We do not knowingly provide scores for pre employment screening.”
Equifax, 2009: “Lenders, employers, car dealers, – they all can know your FICO score, and so can you.”
