Category: Myth

Hearst Corporation, publishing inaccurate information

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Monday, March 12, 2012 11:17 PM
To: George R. Hearst, Jr., chairman, Hearst Corporation (via Lisa Bagley)
Cc: Stephen Proctor, managing editor, San Francisco Chronicle; Martin T. Hart, chairman, ValueClick (via Rachel McDonald, CPA, sr accountant & Public Relations specialist); Martin T. Hart, chairman, ValueClick (via John Ardis, VP, Corporate Strategy); Public Relations department, ValueClick
Subject: Heast Corporation, publishing inaccurate information

You published, “Mortgage lenders, auto loan companies, credit card providers, insurance companies, landlords and employers buy credit scores from credit reporting agencies.

Employers do not use credit scores, and this is not the first time you published inaccurate information about them.  Please provide your source regarding this urban myth so that they can be informed about their erroneous information, too.  Who is your source?

What is your correction policy?

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

MarketWatch, Dow Jones, News Corporation reporting on credit scores and employers

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Monday, March 05, 2012 6:33 PM
To: Rupert Murdoch, chairman and CEO, News Corporation (via Julie Henderson)
Cc: Melissa Rudy; Jennifer Waters, columnist, Consumer Confidential, MarketWatch, Wall Street Journal, News Corporation; David Callaway, editor-in-chief, MarketWatch, Wall Street Journal, Dow Jones, News Corporation; Lex Fenwick, CEO, Dow Jones, News Corporation (via Bethany Sherman)
Subject: RE: credit score, utilization ratio, Consumer Confidential, MarketWatch, Wall Street Journal, News Corporation, correction III, employers

You published:

Your credit score may be as important as your education and your job skills because it helps you navigate your lifestyle. It’s taken into account when you buy a house, a car or insurance, and when you seek credit for a small business. Increasingly, your score can help you land, or lose out on, a job, an apartment or utilities.

Employers do not use credit scores.

You quoted representatives from VantageScore, Credit.com and Experian.  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.”

Credit.com claims, “One of the most prevalent credit myths is that employers use credit scores as part of their pre-employment screening processes.”

VantageScore told me that “employers use credit reports and not credit scores.”

If you still believe that your publication is accurate, then who is your organization’s source regarding credit score use by employers?  And, this time, please be specific:  What is the name of one person who said that employers use credit scores?  If the source is a document, please identify it and quote it.

What is your correction policy?

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

 

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Wednesday, June 22, 2011 10:15 AM
To: Jennifer Waters, columnist, Consumer Confidential, MarketWatch, Wall Street Journal, News Corporation
Cc: Melissa Rudy; Emily Glazer, reporter, Wall Street Journal, News Corporation; Teri Everett, senior vice president, Corporate Affairs & Communications, News Corporation
Subject: RE: credit score, utilization ratio, Consumer Confidential, MarketWatch, Wall Street Journal, News Corporation, correction II

If

a + b + c + d + .30 + f = .30

then the sum of… [previous email]

 

Et tu, Suze?

Credit score expert (there are few) John Ulzheimer is a Nonbeliever.

Recently, while schlepping her new prepaid card, Emmy award winner and “internationally acclaimed personal finance expert” Suze Orman has been saying, inaccurately, that employers use credit scores.  However, employers do not use credit scores; they cannot even get them.  One media organization who allowed her to make the statment even edited it out.

Yesterday, Ulzheimer wrote, “My request [to Orman] was very simple: can you please stop saying that employers use credit scores?”

The inaccurate information may never end.

inaccurate information, correction policy, factual error, msnbc.com, Comcast / Microsoft

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, February 23, 2012 1:51 PM
To: Bill Gates, chairman, Microsoft (via Waggener Edstrom Worldwide); Brian L. Roberts, chairman and CEO, Comcast Corporation (via Adam Miller, EVP, Corporate Affairs, NBCUniversal, Comcast)
Cc: Bob Sullivan, reporter, msnbc.com, NBCUniversal, Comcast / Micorsoft; D’Arcy F. Rudnay, senior VP, corporate communications, Comcast
Subject: inaccurate information, correction policy, factual error, msnbc.com, Comcast / Microsoft

You published: “An HR department facing a stack of 100 resumes for one job would love a numerical tool that could automatically whittle the pile to five or six. HR departments already do some of this whittling based on credit scores.”

That is inaccurate information.  Consumer reporting agencies do not provide credit scores for employment purposes.

Who is your source?  What is your correction policy?  Will you make a permanent correction and acknowledge the factual error on the story’s original page?

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

 

Colorado, Morgan and the credit score zombie myth

The news media seem to repeat anything politicians tell them, including what one expert calls “The Myth of the Decade.”

That was the last decade, by the way.

The credit-scores-are-used-by-employers zombie myth’s life undead existence was reanimated again recently thanks to CBS’s Channel 4 in Denver, the Associated Press, the Denver Post— and the Post and the AP acting together.  The inaccurate information is even back on Wikipedia.

At the Colorado statehouse, the misinformation pushes Senate Bill 3 toward the brink. State senator Morgan Carrol’s bill states, “In spite of these systemic flaws, the nonpartisan public policy research and advocacy organization Demos concluded in its 2011 report ‘Discrediting America‘ that consumer credit scores and credit reports are being used more often and in more contexts than ever before, including by employers, utility companies, and insurers.”

Join the side of the truth, or the zombie myth may never end, Morgan.  Morgan.  Three years.  Three years.

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, Advance Publications, insults

From: Yvonne Zipp
Sent: Friday, February 17, 2012 3:48 PM
To: <greg@creditscoring.com>
Subject: Re: credit score, employers, Advance Publications’ bad reporting

Greg,

Ignoring the insults, now that I understand your concern, I have put a clarification at the bottom of the piece stating that when an employer does a credit check, they have access to an individual’s credit report, not a credit score.

I hope this addresses your concern.

Best regards,
Yvonne Zipp

Sent from my iPhone

On Feb 17, 2012, at 2:13 PM, “Greg Fisher” <greg@creditscoring.com> wrote:

Oh.  I see.  So now, instead of credit score, it’s “credit history” and “credit checks,” eh?  I just went on your wild goose chase and read the articles that you provided.

That’s five minutes of my life that I’ll never get back.

None of those pieces used the word score, and neither did your last email.  What are you referring to?  Are you even getting this, or was that just intellectual dishonesty?

Your source left you twisting in the wind.  Who has the authority to make a clarification to your credit score story?

SELF blew off Suze Orman’s regular ridiculous rant— her routine about credit scores.  Do you know something that the editor-in-chief of SELF does not?

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

From: Yvonne Zipp
Sent: Friday, February 17, 2012 12:13 PM
To: greg@creditscoring.com
Cc: Jeff Brown
Subject: RE: credit score, employers, Poverty Reduction Initiative, errors and corrections

Mr. Fisher:

Here are a few articles regarding how a bad credit history can affect a person’s ability to obtain a job. According to The New York Times, “about 60 percent of employers now do credit checks on job applicants — up from less than 20 percent in the mid-1990s.” 

In 2011, California Gov. Jerry Brown signed a law limiting the practice in his state. Perhaps you are a resident of California? To my knowledge, such a law does not exist in Michigan.

http://abcnews.go.com/Business/story?id=7919922&page=1#.Tz6GTXLeySo

http://www.usatoday.com/money/workplace/2011-04-07-credit-reports-in-hiring-decisions.htm

http://www.nytimes.com/2011/05/30/opinion/30mon3.html

Thank you for your interest in my personal work history. In both cases, I was asked to check a box if it was all right for an employer to check my credit history.

Yvonne Zipp
Business Reporter
Kalamazoo Gazette
MLive.com
[telephone number]

 

[previous message]

credit score, employers, Advance Publications, Sent from my iPhone

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Friday, February 17, 2012 11:45 AM
To: James Stephanak, publisher, Kalamazoo Gazette; Yvonne Zipp, business reporter, Kalamazoo Gazette; S. I. Newhouse Jr., chairman and CEO, Advance Publications, Inc.; Jeff Brown, executive director, Poverty Reduction Initiative
Cc: Donald Roberts, chairman, Poverty Reduction Initiative; Lucy Danziger, editor-in-chief, SELF (Condé Nast, Advance Publications)
Subject: RE: credit score, employers, Poverty Reduction Initiative, errors and corrections

Mr. Stephanak, do you use credit scores in employment screening?

Ms. Zipp, who are your last two employers?  What do the forms say, specifically, about credit scores?

Mr. Newhouse, see “Suze Orman’s social experiment.”

Mr. Brown, there was a reference to me, but I said nothing in that article.  And, you are wrong about my question.  As you can see, Ms. Zipp is still snowed, believing what you said.  The question is (still): What evidence suggests that an increasing number of large employers (or any employer, at all) use credit scores?

You have not answered it.  Is your answer None?

Are you trying to say that you confused the terms score and report?  Indeed, they are quite different things.

This is not about credit scores as much as it is about the life of a piece of misinformation.  Please do your part.

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

From: Jeff Brown [mailto:director@haltpoverty.org]
Sent: Friday, February 17, 2012 9:44 AM
To: greg@creditscoring.com
Cc: Yvonne Zipp, business reporter, Kalamazoo Gazette; James Stephanak, publisher, Kalamazoo Gazette
Subject: Re: credit score, employers, Poverty Reduction Initiative

Mr. Fisher,

Thanks for your thoughts and comments. Its important to distinguish between credit score and credit report and clearly these two have been confused and used interchangeable. As you said in the article quoted here… http://www.smartcredit.com/blog/2010/12/16/credit-scores-used-by-employers-the-myth-of-the-decade/

I guess the question would be…do credit reports get used to impact employer decisions on job applications?

Thanks for your insight.

Jeff

From: Zipp, Yvonne [mailto:YZIPP@mlive.com]
Sent: Friday, February 17, 2012 9:33 AM
To: <greg@creditscoring.com>
Subject: Re: credit score, employers, Poverty Reduction Initiative

Greg, 

Employers absolutely can ask for permission to review your credit score before making a hire.

In fact, I signed a form giving that permission for my last two jobs.

Best wishes,

Yvonne

Sent from my iPhone

 

[previous message] [next message]

credit score, employers, Poverty Reduction Initiative

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Friday, February 17, 2012 9:27 AM
To: Jeff Brown, executive director, Poverty Reduction Initiative
Cc: Yvonne Zipp, business reporter, Kalamazoo Gazette; James Stephanak, publisher, Kalamazoo Gazette
Subject: credit score, employers, Poverty Reduction Initiative

See this message and your response at https://blog.creditscoring.com/?p=3436, https://blog.creditscoring.com/?cat=73 and https://blog.creditscoring.com/?cat=13.

You said, “[SIC]Increasing number of large employers are using these scores — not only are you not going to have a good credit score, you’re not going to be able to get a job.”

Employers do not use credit scores because they cannot even get them; the consumer reporting agencies do not provide credit scores for employment purposes.  What evidence suggests that an increasing number of large employers (or any employer, at all) use credit scores?

We don’t know how it’s going to turn out, but we are creating a world of misinformation.  What will you do to stop it?

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

 

[next message]

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