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CFP Board furthers employers credit score myth

K Street trade association repeats Credit Score #Myth2; mails letter to operator of creditscoring.com. Confusion.

| By Greg Fisher

Employers do not use credit scores because they cannot even get them. The three main consumer reporting agencies in the United States claim that they do not provide credit scores for employment purposes. That fact was established in 2008.

Five years later, it was still not understood.

The Certified Planner Board of Standards states, falsely, "And don't play credit card 'roulette' by repeatedly transferring your balances to a new card with lower teaser rates; such activity can ding your credit score, which in turn can impair your ability to get a good job, as employers look at credit scores, too."

There is no date or by-line on the face of that page, but it exists in a 2013/08/07 subdirectory of the internet domain letsmakeaplan.org. It states, "This blog post is the fourth in CFP Board’s 'Financial Planning for Everyone' series." A press release dated August 7, 2013 refers to "CFP Board’s 'Let’s Talk Planning' blog and the fourth feature in its 'Financial Planning is for Everyone' series." It names Eleanor Blayney, CFP, CFP Board consumer advocate as author.

The Associated Press #1501c

This social media message occurred in November, 2013.


On January 7, 2015, 4:10 PM EST, a report by the Associated Press wire service stated, "Those with low scores might not be able to take out a loan, rent a home or even be hired for a job, since some employers check credit scores, too, says Eleanor Blayney, a certified financial planner and a consumer advocate at the Certified Financial Planner Board of Standards."

On the website of the New York Times, another version of the AP article (4:14 PM) states, "Those with low scores might not be able to take out a loan, rent a home or even be hired for a job, since some employers check credit reports, too, says Eleanor Blayney, a certified financial planner and a consumer advocate at the Certified Financial Planner Board of Standards."

(The New York Times has its own problems with the nonsense about employers and another ridiculous AP idea (not to mention world history).)


A rambling 400-word response from Blayney on CFP Board letterhead states, "I recognize that there has been some confusion in the press about whether or not employers can check an individual's credit score without prior consent."

Again, as stated above and documented in 2008, employers cannot use credit scores, at all. Consent has nothing to do with it.

The top person of the organization

Dealing with consumer reporting agencies, credit score companies, government agencies, and any number of media is dizzying. Who has the time to figure out a trade association chain of command-- or the right person to address in the case of blog posts with no by-line?



Greg Fisher
The Credit Scoring Site
creditscoring.com
A Website About Money
awebsiteaboutmoney.com
PO Box 342
Dayton, Ohio 45409-0342
937-681-3224
937-630-3213 (fax)

May 15, 2015

Richard P. Rojeck, CFP
Chair of the Board of Directors
Certified Financial Planner Board of Standards, Inc.
1425 K St. NW #800
Washington, D.C. 20005-3673

In January, your consumer advocate wrote to me.

Employers do not use credit scores. I looked into it.

However, your website states, "And don't play credit card 'roulette' by repeatedly transferring your balances to a new card with lower teaser rates; such activity can ding your credit score, which in turn can impair your ability to get a good job, as employers look at credit scores, too."

That sentence is on a web page titled "Financial Planning for College Students," and its internet address is www.letsmakeaplan.org/b... .

What are the names of two such employers?

[signature]

Greg Fisher

cc: E. Blayney




Also, see twitter.com/searc... (@creditscoring on @AP)

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