“We know that an economy built on reckless speculation, inflated home prices, and maxed-out credit cards does not create lasting wealth.”
U.S. President Barack Obama, March 24, 2009
Month: March 2009
Employers, credit score, Wall Street Journal II
Date: Wed, 25 Mar 2009 12:14:49 -0400
To: Mary Pilon, Wall Street Journal
From: “creditscoring.com” <greg@creditscoring.com>
Subject: credit score, employerSee https://blog.creditscoring.com/?p=344.
This appears in a browser’s title bar for this story: “One in Six Employers Look at Your Credit Score – The Wallet – WSJ”
The description of the page that appears (in addition to the title, above) in search engine results is defined by this, found in the page code:
meta name=”description” content=”Many employers are checking job candidates’ credit scores, but how big of a factor are credit scores in a company’s eventual decision to hire?”
Recently, TransUnion claimed that they made an error in their survey: “The word ‘score’ was inadvertently used and the results based on that phrasing were communicated to you… TransUnion does not provide a credit score for employment screening purposes.”
Did you get that message from TransUnion? Will you make a correction?
Average, credit score, Better Business Bureau (BBB)
See Fake-O FICO Funk.
Date: Wed, 25 Mar 2009 11:25:33 -0400
To: Sharane Gott <sharane@acadiana.bbb.org>
From: “creditscoring.com” <greg@creditscoring.com>
Subject: credit score, averageYou wrote, “Average FICO scores for U.S. consumers are around 690.”
Who is your source for that figure?
Employers, credit score, Wall Street Journal
This appears as the #1 result in a search engine for the term credit score employers:
One in Six Employers Look at Your Credit Score – The Wallet – WSJ
Mar 11, 2009 … Many employers are checking job candidates’ credit scores, but how big of a factor are credit scores in a company’s eventual decision to …
See the comment on the story’s page asking for a correction.
Employers, credit score, USA TODAY
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To: Kathy Chu, USA TODAY
From: “creditscoring.com” <greg@creditscoring.com>
Subject: credit score, employers
Date: 3/21/09 |
You wrote, “And if scores can drop even if consumers do nothing wrong, they say, it raises the question of whether there’s a flaw in the credit scoring formulas relied upon by the nation’s lenders, insurers, and increasingly employers and landlords.”
Who is your source for the information that, increasingly, employers rely upon credit scoring formulas?
6/18/2009 update:
See “USA Today on employers using credit scores, Part 1 – National newspaper will not identify its source“
Experian on credit scores and employers, 2006
In its November 1, 2006 advice column, Experian wrote: “An employer wouldn’t necessarily receive a credit score with the credit report. That would depend on its policies and procedures.”
In 2007, Experian said: “We do not score for employment reports… If you chose to do that, I think you would be breaking the law.”
In 2008, Experian said, “Experian’s business policy prevents the inclusion of credit scores with an employment report, at Experian called Employment Insight.”
See http://www.creditscoring.com/influence/government/employercreditscorebelievers.html.
Michigan legislator on credit scores in employment
See http://michiganmessenger.com/14511/switalski-wants-to-stop-use-of-credit-reports-in-hiring-process .
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To: The Honorable Jon Switalski
From: “creditscoring.com” greg@creditscoring.com
Subject: credit score, employer Cc: Michigan House Speaker Andy Dillon; Todd Heywood, The Michigan Messenger Date: March 17, 2009 |
You said, “If employers are allowed to continue using credit scores in hiring decisions, many hard-working people will be unfairly penalized.”
What evidence suggests that employers use credit scores in hiring decisions?
Employer hiring decisions, credit scores, and the Federal Reserve III
See the previous email to the Federal Reserve.
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To: Partners in Economic and Community Dvelopment, Federal Reserve Bank of Atlanta; Sibyl Slade, regional community development manager, Federal Reserve Bank of Atlanta
From: “creditscoring.com” <greg@creditscoring.com>
Subject: Re: credit score, employers III
Cc: D. Pierce Nelson, public information officer, Public Affairs Department, Federal Reserve Bank of Atlanta;
Webmaster, Federal Reserve Bank of Atlanta;
Jean Tate, media relations liason, Federal Reserve Bank of Atlanta;
Federal Reserve Consumer Help;
Dennis P. Lockhart, president and chief executive officer, Federal Reserve Bank of Atlanta;
D. Scott Davis, chairman, Federal Reserve Bank of Atlanta (via email address of Debbie Curtis-Magley, UPS;
Patrick K. Barron, first vice president and chief operating officer, Federal Reserve Bank of Atlanta;
Carol B. Tomé, deputy chairman, Federal Reserve Bank of Atlanta;
Date: 2/26/09
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Please reply.
At 12:22 PM 2/17/2009, creditscoring.com wrote:
Please reply.
At 12:34 PM 2/12/2009, creditscoring.com wrote:
You wrote, “The lack of a solid credit score typically influences the cost of credit, vehicle insurance rates, utility deposits and employer hiring decisions.”
See http://creditscoring.com/influence/government/employercreditscorebelievers.html .
Who is your source regarding credit score use by employers?
What is the name of an employer who uses credit scores?
[Update, 4/18/10: http://creditscoring.com/influence/… atlanta.html]
US government spoofs Experian
The FTC spots say, “No hidden fees. Absolutley free.”
The credit score sold at the spoofed Experian website FreeCreditReport.com is the PLUS Score. Experian states:
Your PLUS Score is formulated using the information in your credit file. It is modeled after the hundreds of commercial credit scores that help potential lenders, landlords, and employers quickly gauge your credit history and decide what kind of a risk they might be taking if they approve your application.
See “Credit scores in employment, Believers and Nonbelievers.” Which side are you on?
Employer hiring decisions, credit scores, and the Federal Reserve II
See the previous email to the Federal Reserve.
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To: Partners in Economic and Community Dvelopment, Federal Reserve Bank of Atlanta; Sibyl Slade, regional community development manager, Federal Reserve Bank of Atlanta
From: creditscoring.com
Subject: Re: credit score, employers II
Cc: D. Pierce Nelson, public information officer, Public Affairs Department, Federal Reserve Bank of Atlanta
Date: 2/17/09
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Please reply.
At 12:34 PM 2/12/2009, creditscoring.com wrote:
You wrote, “The lack of a solid credit score typically influences the cost of credit, vehicle insurance rates, utility deposits and employer hiring decisions.”
See http://creditscoring.com/influence/government/employercreditscorebelievers.html .
Who is your source regarding credit score use by employers?
What is the name of an employer who uses credit scores?