Category: Experts

credit score, employers, NSADAQ, Card Hub

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, June 23, 2011 7:41 AM
To: Odysseas Papadimitriou, chief executive officer and Founder, Card Hub
Cc: Melissa Rudy; H. Furlong Baldwin, chairman, NASDAQ OMX
Subject: credit score, employers, NSADAQ, Card Hub

See this message and your response at https://blog.creditscoring.com/?p=2213 and https://blog.creditscoring.com/?tag=nasdaq.

You wrote, “Decision makers from loan officers and mortgage brokers to car salesman and employers rely heavily on consumer credit scores in evaluating applicants.”

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

[attached previous message about NASDAQ]

[http://community.nasdaq.com/News/2011-06/4-reasons-why-you-should-use-a-credit-card-and-1-why-you-shouldnt.aspx?storyid=82037]

credit score, employers, time.com Moneyland, quickanddirtytips.com Money Girl

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Monday, June 20, 2011 10:40 AM
To: Scott Medintz, editor, MoneyLand, Time Magazine; Scott Medintz, editor, MoneyLand, Time Magazine
Cc: Laura D. Adams, personal finance expert, Quick and Dirty Tips
Subject: credit score, employers, time.com MoneyLand, quickanddirtytips.com Money Girl

See this message and your response at https://blog.creditscoring.com/?p=2177 and https://blog.creditscoring.com/?cat=134.

You published, “But all of these particulars are either difficult or impossible to change, whereas increasing your credit score is something you can start any time.”

The link in that sentence leads to a page which states, “Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers, for instance.”

However, the national consumer reporting agencies all state that they do not provide credit scores for employment purposes. 

What change will you make? 

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

——————————————-

UPDATE, 6/21/2011

Time Warner replaced the link with one to Fair Isaac’s page “How to Repair Your Credit and Improve Your FICO Credit Score,” but did not document the correction on the original page.  POOF!  It just went away. 

Moneyland is a magical place.

Here is today’s message to Time Warner.

——————————————-

UPDATE, 6/27/2011

Time is (finally) a Believer.  After Moneyland got religion, it even published a new article stating, “It’s important to note that employers can’t actually see your three-digit credit score; as a result, there’s no ‘magic number’ that will make a company accept or reject an applicant.”

But we are still doomed.

SCORE UPDATE: creditscoring.com leads Fed

Here’s the latest score in terms of views:

creditscoring.com:  2672 (says that credit buraus do not sell scores for employment purposes)

The Federal Reserve:  1194 (says employers, indeed, use credit scores)

creditscoring.com: 161 (says that the idea that employers use scores is a myth)

Trend

creditscoring.com:

1993 – 2005 – 2027 – 2540- 2672

The Federal Reserve:

554 – 643 – 716 – 1109 – 1194

creditscoring.com:

161

[previous update]

credit score, employers, Fox Business Network, 2011-06-10

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Saturday, June 11, 2011
To: Emily Driscoll, writer, Fox Business Network
Subject: credit score, employers, Fox Business Network, 2011-06-10

See this message and your response at https://blog.creditscoring.com/?p=2160.  

You wrote, “In addition to making it more difficult to obtain new credit, a weak credit score can also hurt a student’s employment chances.”

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

credit score, employers, WalletPop, Virgins

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Friday, June 10, 2011 8:35 AM
To: Mitch Franklin, assistant professor of accounting practice, Whitman School of Management, Syracuse University
Subject: credit score, employers, WalletPop, Virgins

See this message and your response at https://blog.creditscoring.com/?p=2153.

WalletPop.com published:  “But credit scores also factor into insurance rates, and even [“even” was a link to http://www.walletpop.com/photos/credit-score-virgins/3658526/]* potential jobs: employers are increasingly checking scores as part of the application process, Franklin says. ‘People don’t realize how much of an impact their credit score has on their life.’”

What evidence indicates that employers use credit scores?

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

* UPDATE 8/14/13: The link that was under the word “even” above is defunct (and so is WalletPop.com, apparently. Try it: walletpop.com.).  Here is a new link: http://www.dailyfinance.com/photos/credit-score-virgins/#!slide=3658526.

CDIA responds to Gannett regarding credit report accuracy

Gannett’s USA Today editorialized, “Instead of putting its money into better dispute resolution, the industry is more interested in trying to prove that error rates are small.”

In an opposing view, consumer reporting industry trade organization, CDIA, said:  “The end result of PERC’s study is that conjecture and opinions about accuracy have been replaced by empirical data. This is the only independent third-party study ever undertaken.”

However, in 2001, Associated Credit Bureaus (now CDIA) said, “In the only statistically valid study conducted to date, Arthur Andersen concluded that in only two-tenths of one percent of the over 15,000 cases studied, were consumers denied a benefit based on an error in their credit report.”

UPDATE, 7/6/2011

credit score, employers, Connecticut SB 361, HB 5061 (2010), Yale

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Tuesday, April 19, 2011 7:57 PM
To: Michael J. Morand, associate vice president of Yale University for New Haven and State Affairs
Cc: Martin Looney, state Senator, Majority Leader, Connecticut; Martin Looney, state Senator, Majority Leader, Connecticut (press aide email address); Matthew Lesser, state Representative, Connecticut; Robert Hiltonsmith, policy analyst, Demos; Timothy k. Rusch, director of Communications, Demos; Amelia Warren Tyagi, board chair, Demos; Miles Rapoport, president, Demos; Lori J. Pelletier, secretary-treasurer, Connecticut AFL-CIO; John Olsen, president, AFL-CIO, Connecticut; Sarah Poriss, attorney at law; Edith Prague, state Senator, chair, Labor & Public Employees, Connecticut; Edith Prague, state Senator, chair, Labor & Public Employees, Connecticut (press aide email address); Kia Murrell, assistant counsel, Connecticut Business & Industry Association; Kevin T. Kane, Chief State’s Attorney, Division of Criminal Justice, Connecticut
Subject: RE: credit score, employers, Connecticut SB 361, HB 5061 (2010), Yale

See this message and your response at https://blog.creditscoring.com/?tag=connecticut-sb-361.

You testified, “I write of behalf of Yale University, whose mission includes operations where the use of credit reports in employment decisions is prudent and reasonable.”

Is obtaining credit scores an option provided by your employment screening report supplier?

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

[attached:  copy of previous messages]

Credit score, employers and Minyanville


From: Greg Fisher
Sent: Monday, May 09, 2011
To: Todd Harrison, founder and CEO, Minyanville Media, Inc.
Cc: Conor Sen, “Professor,” Minyanville
Subject: credit score, employers, Minyanville

See this message and your response at https://blog.creditscoring.com/?p=2077.

You published, “There was a time when we’d apply for a job or an apartment or a mortgage and not have to worry about a credit score.”

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

Myth: Employers use credit scores (video) – National Financial Literacy Month

National Financial Literacy Month – Video illustrates myth that employers use credit scores

creditscoring.com video shows media, experts, central bank and legislators furthering the myth that employers use credit scores in hiring decisions.

Myth: Employers use credit scores
Myth video: Employers use credit scores

credit score, employers, Connecticut SB 361, Division of Criminal Justice

[PREVIOUS MESSAGE]

From: Greg Fisher
Sent: Monday, April 18, 2011
To: Kevin T. Kane, Chief State’s Attorney, Division of Criminal Justice, Connecticut
Cc: Martin Looney, state Senator, Majority Leader, Connecticut; Martin Looney, state Senator, Majority Leader, Connecticut (press aide email address); Matthew Lesser, state Representative, Connecticut; Robert Hiltonsmith, policy analyst, Demos; Timothy k. Rusch, director of Communications, Demos; Amelia Warren Tyagi, board chair, Demos; Miles Rapoport, president, Demos; Lori J. Pelletier, secretary-treasurer, Connecticut AFL-CIO; John Olsen, president, AFL-CIO, Connecticut; Sarah Poriss, attorney at law; Edith Prague, state Senator, chair, Labor & Public Employees, Connecticut; Edith Prague, state Senator, chair, Labor & Public Employees, Connecticut (press aide email address); Kia Murrell, assistant counsel, Connecticut Business & Industry Association
Subject: Attention: Chief State’s Attorney Kevin T. Kane; RE: credit score, employers, Connecticut SB 361, Division of Criminal Justice

You testified, “As stated in our testimony on H.B. No. 5061, An Act Eliminating Credit Reports as a Basis for Employment Decisions, the use of credit scores, credit account balances, payment histories, bank account balances and other credit information plays a critical role in ensuring that those who occupy positions of public trust are not susceptible to improper influence.”

Do you obtain credit scores of those who occupy positions of public trust?

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

[attached:  copy of previous messages]