From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Wednesday, February 13, 2013 11:44 AM To: Michelle Singletary, columnist, Washington Post Subject: Your bad reporting
You wrote, “The information is then used to create credit scores, which can affect consumers’ ability to get a credit card, a home loan, an apartment or even a 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.”
From: Greg Fisher Sent: Friday, September 28, 2012 2:27 PM To: Barbara Marquand, staff writer, QuinStreet Cc: Doug Valenti, chairman, QuinStreet Subject: Experian, Fox Business, Quinstreet, VantageScore; employers
Experian linked to an article on the Fox Business website in which you wrote, “VantageScores range from 501 to 990, and the breakdown of excellent to bad credit is similar to the scale used to calculate grades in school — 900 to 990 is excellent; 800 to 899 is good; 700 to 799 is fair; 600 to 699 is poor; and under 600 is failing.”
Who designated that tier as failing? And, at what are those in that tier failing?
Also, you wrote, “Even employers sometimes check credit scores to gauge applicants’ sense of personal responsibility.”
What indicates that employers use credit scores?
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Greg Fisher
The Credit Scoring Site creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342
From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Wednesday, September 26, 2012 5:29 AM To: Donald E. Graham, chairman, Washington Post Company Cc: Michelle Singletary, columnist, Washington Post; Patrick B. Pexton, ombudsman, Washington Post; Danielle Douglas, reporter, Washington Post; Ylan Q. Mui, reporter, Washington Post; Ylan Q. Mui; Meredith Hooker, managing editor for Internet, The Gazette; Allan Lichtman, professor, Department of History, American University; The Washington Post Company; John Temple, managing editor, Washington Post; Ken Harney Subject: credit score, employers, Washington Post, 2012-09-25
You published, “Credit agencies have come under greater scrutiny as consumer advocates question the accuracy of the scores, which affect the ability to get a mortgage, car loan, credit card and sometimes even a job.”
The second tab after “Home/Blog” on JeanChatzy.com is “Score Builder.” The landing page says, “Better credit in 120 days, powered by Smart Credit.”
On Oprah.com as she explained the number that she thinks “is widely considered to be a measure of how responsible a human being you are,” Jean Chatzky said, “You may even have an easier time getting a job as many employers these days are checking out credit scores because they want to hire responsible employees.”
Then she plugs Credit.com and CreditKarma.
[Wonks: She also gives the score scale as 350-850, but let’s not quibble over that– boring.]
Meanwhile, over at NBC, (where it counts, apparently), Chatzky finally comes to terms with her misinformation. In a segment for NBC’s Today, she said (finally):
It’s a really good question, and we did get a lot of response to that thought that employers are checking credit histories. About 16% of them actually are. What they’re not seeing is your credit score. They’re seeing your credit report.
Inexplicably, however, her blog post (“Posted by Jean”) about that appearance states, “On Today’s Money 911 we talked about what employers that check credit scores are looking for and gave tips for finding a job over 60.”
Previously, as Matt Lauer did the deed (as many do in their introductions to the topic) Chatzky remained silent. (2:09)
From: Greg Fisher [mailto:greg@creditscoring.com] Sent: Friday, April 13, 2012 10:37 AM To: Deborah A. McDermott, president, New Young Broadcasting Holding Co., Inc. (via Nashville Bank and Trust) Cc: Angela Kennecke, news anchor, KELOLAND Television, New Young Broadcasting; Press office, U.S. Consumer Financial Protection Bureau Subject: The News at Ten and its corrections, .tv
You broadcast, “Whether you’re applying for a mortgage or a job, your credit score determines how easy it will be for you to get it” and “You could even be turned down for a job if your credit score isn’t high because you may look irresponsible to a prospective employer.”
A long time ago, Experian, itself, stated, “Experian’s business policy prevents the inclusion of credit scores with an employment report, at Experian called Employment Insight.”
Today, however, Experian states, “Creditors, landlords, and even some employers consider a person’s credit score before deciding whether they will approve a loan, lease an apartment, or hire an applicant.”
Despite how easy it has become to receive copies of credit histories and credit ratings, most people remain ignorant of their FICO scores – and of how they affect the ability to secure a mortgage, open a credit card account, or even, in some cases, land a good job… The basic credit report that can be requested by mail for free shows your credit history and current debt. Although it enables you to catch any inaccuracies that may have been reported by a lender or to spot incidences of identity theft, it won’t include your credit score – the number that lenders, insurance agencies, landlords, cell phone companies, and even employers use to determine whether you are a reliable or risky prospect.
You said it twice.
Who is your source regarding credit score use by employers?
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Greg Fisher
The Credit Scoring Site creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342
REPORTER: “Jim, if finances have a heartbeat, it’s the credit score. It affects what you pay for mortgages or rent, your auto loan, your insurance, your utility deposits, and even if you’ll get a job.”
From:creditscoring.com Sent: Wednesday, May 20, 2009 2:52 PM To: Elizabeth Crenshaw (askliz@nbcwashington.com) Cc: Jeff Zucker, ‘news4pr@nbc.com’; ‘nbc4dc@nbc.com’ Subject: credit score, employers
You said: “If finances have a heartbeat, it’s the credit score. It affects what you pay for mortgages or rent, your auto loan, your insurance, your utility deposits, and even if you’ll get a job.”
Who is your source regarding credit score use by employers?
