Equifax corrected its misinformation.
Original: “A hard inquiry is one in which a bank, a landlord, an employer or a potential employer, a mortgage broker, or another creditor or lender accesses your credit file because of a transaction you have initiated.”
Corrected: “A hard inquiry is one in which a bank, a landlord, an a mortgage broker, or another creditor or lender accesses your credit file because of a transaction you have initiated.”
Experian told John Ulzheimer what is not in employment reports. One of those things is “Credit score (read that again please….credit score is not included).”
However, the consumer reporting agency still maintains, “Credit scoring helps potential lenders, landlords, and employers quickly gauge an applicant’s credit history.”
Experian chairman John Peace got some of it right before his big announcement in July, but he has other things to do, now.
To: Steve Dale, senior vice president, Media Relations, U.S. Bank
From: Greg Fisher
Date: April 29, 2010
Subject: Fake-O FICO Funk, U.S. Bank
You state, “Get your credit report and FICO score online now, plus have your report monitored for signs of identity theft.”
However, the credit score that I received by using your link was not a FICO score.
What are you doing to correct your sales pitch? What about refunds?
Greg Fisher
PO Box 342
Dayton, Ohio 45409-0342
Exploding Dave Ramsey’s Zero Credit Score Myth on Ramsey’s Home Turf
Following the Credit CARD Act becoming effective, Credit.com’s John Ulzheimer appeared on the FOX Business Network (“the only business network in true high definition”) this morning in a segment called “Tips for Boosting Your Credit Score.”
Cross-promoting “financial expert” blowhard Dave Ramsey, anchor Brian Sullivan referred to his colleague saying, snarkily, “I am sure you are very familiar with a guy named Dave Ramsey, right?” (3:00)
On the other hand, his tone, dripping with sarcasm, could have been evidence of utter disdain for Ramsey’s schtick.
Unimpressed, Ulzheimer said: “I’m familiar with Dave. Yes.”
Sullivan repeats the mantra that Ramsey’s score is “famously zero” and qualifies it with “or low” (and fails to mention that it could be nonexistent).
The guest chuckles and says that that is incorrect because a person cannot have a score of zero because the scale is 300 to 850.
The host interrupted the guest when he made that point. Ulzheimer politely allowed him to speak, then finished the interview.
Let’s hope FBN has Ulzheimer back on the air even though he flogged the interviewer and the crazy zero claim. Outside of the FICO company itself (and even that is questionable), nobody knows more about– and can better explain– credit scores. Get his book if you don’t believe it.
So, what is so bad about Ramsey saying that his FICO credit score is zero? Imagine a guy who hears that his score is 425 and thinks he’s halfway to 850 when, in reality, his score is in the lowest 2%. Perhaps it is the fault of the FICO company with its arcane scale (instead of something logical like 0 to 1000), but it is what it is.
Mr. Ramsey, tell the truth. What are your scores, really?
The internet: A place where almost anybody can write almost any nonsense.
Here’s a good example. CNM News Network’s piece on credit scores states, “Currently, employers can pull a job applicant’s credit report, but don’t have access to the actual score.”
However, the title is “Foreclosures and Job Hunting Don’t Mix as Employers Check Credit Scores.”
Watch as the publisher reacts to a comment on its page:
Your article says that employers don’t have access to credit scores, but your title screams that employers check them.
What gives? Who told you that employers check credit scores?
Greg Fisher
Continue reading Into the Audience – Credit scores and employers, CNM
From: Greg Fisher
Sent: Monday, February 22, 2010 12:16 AM
To: Tim Klein, vice president, public relations, Equifax
Subject: credit score, FICO, Equifax, exclusivityRichard F. Smith, chairman and chief executive officer
Equifax, Inc.You write, “The FICO Score is the most commonly used scoring model among lenders, and Equifax is the only major credit reporting agency that can provide you with your FICO Score.”
Is Equifax really the only one, or are you saying that TransUnion is not a major consumer reporting agency?
Also, please address the question from October 14 regarding the Dallas Morning News.
Greg Fisher
The Credit Scoring Site
PO Box 342
Dayton, Ohio 45409-0342
937-681-3224
Experian continues to sell credit scores saying that employers use them, while stating that employers do not use them.
They just don’t pay attention (too busy preening for the camera and creating bizarre advertisements).
While waiting for Experian to blink, see some other screw-ups by the British:
Let’s hope so.