Month: October 2012

The President: Credit score can affect chances of getting job

In his weekly address, President Obama talked about submitting complaints to the Consumer Financial Protection Bureau.  In that address, he said:

If you haven’t checked out your credit score recently, you should.  It can have a major impact on your life.  It can determine whether or not you qualify for a loan or what kind of interest you have to pay.  It can even affect your chances at renting an apartment or getting a job.

However, the CFPB’s website states, “The nationwide credit reporting companies say they do not currently provide credit scores for employment purposes.”

Some have no credit score

In a commentary for UPI, Morgan Strong wrote

There is another thing far more certain than mere superstition that awaits the  newborn. There is a Social Security number and a credit rating. Beginning with  our squalling breech of the womb, we are marked by this obscenity. This marking,  indelible yet unseen, our credit score, will continue throughout our lives and  in effect compel us to make the choice of the path we are to follow.

That is inaccurate.  Consumer reporting agency files are not recorded and retained on the newborn.  If there is no information on a consumer, then there is no credit score.  According to the state of New York Department of State, Division of Consumer Protection, “The credit agencies do not knowingly keep credit files on minors.”

 

Credit score inquiries, U.S. News & World Report LP error

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Tuesday, October 09, 2012 12:26 PM
To: Mortimer B. Zuckerman, chairman, Executive Committee, editor-in-chief, U.S. News & World Report (via Liz Putze); Mortimer B. Zuckerman, chairman, Executive Committee, editor-in-chief, U.S. News & World Report (via Liz Putze 2); Mortimer B. Zuckerman, Chairman of the Executive Committee and Editor-in-Chief, U.S. News & World Report
Cc: Sabah Karimi, Wise Bread blogger, freelance digital copywriter, custom content provider, new media marketing specialist
Subject: credit score, inquiries, Wise Bread, Killer Aces Media, U.S. News

You published, “Applying for more credit cards, filling out a loan application, or doing anything that will trigger a hard inquiry on your credit report will drop your credit score by a few points.”

However, Fair Isaac states, “For many people, one additional credit inquiry (voluntary and initiated by an application for credit) may not affect their FICO score at all.”

Who is your source?

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

 

London publishing house hype

“Gah! If I read one more lie about credit scores, my head will explode! No, your lender is NOT required to consider ‘alternate measures.'” – @lizweston, September, 2012

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Tuesday, October 02, 2012 11:32 AM
To: Liz Weston; Liz Weston (via Amazon.com)
Cc: Vivienne Cox, non-executive director, Pearson plc (via W. Spiegel); Glen Moreno, chairman, Pearson plc (via T. Glover); Marjorie Scardino, chief executive, Pearson plc (via C. Goldsmith)
Subject: credit score, employers, Pearson plc, Weston

See this message and your response at https://blog.creditscoring.com/?p=4215.

On the cover of the fourth edition of your credit score book, someone wrote, “Your credit score is more important than ever: not just for getting loans, but for getting jobs, insurance, rentals, and fair rates on all financial services.”

The cover continues—describing the book—saying: “Now, it’s completely revamped for today’s massive changes—from FICO 8 to ‘FAKO,’ short sales to employer abuse of credit scores” and “Whatever your score, you need this information—to defend yourself, and to get the credit, rates, work, and home you deserve!”

However, on page 185, you wrote, “I didn’t write about employer use of credit checks in previous editions of this book, because employers look at credit reports, not credit scores.”

What is the name of an employer who abuses credit scores?

On what date did you learn about the text on the cover?

What is the name of the person who wrote it?

What are the names of the persons who approved it?

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