Last year, when another Thomson Reuters writer stated that the head of Fair Isaac said that employers use credit scores (the writer even used the word "fact"), I posted a comment on the story, saying, "In 2008, when I asked FICO about its claim that employers use scores, a spokesman said that the company bases its claim on 'anecdotal information gleaned from public sources such as published articles.'"
Thomson Reuters did not clarify the piece.
Earlier this year, another Thomson Reuters writer claimed, "Lenders, landlords, employers and insurance companies all use these automated scoring systems to assess the riskiness of their potential customers, so having a low credit score can cost you an apartment, an insurance policy, a mortgage loan, or several thousands of dollars in higher interest costs."
The writer replied that her source was VantageScore. VantageScore replied, "Thank you for alerting us about this and rest assured last week we informed Ms. Stern that we have updated our information to reflect that employers use credit reports and not credit scores."
Thomson Reuters did not correct the piece (indeed, titled "What you need to know now about credit scores").
The consumer reporting agencies all state that they do not provide credit scores for employment purposes. See their statements at http://www.creditscoring.com/influence/government/employment.htm. So, if the consumer reporting agencies do not provide credit scores for employment purposes, then how could the employer access your score?
From: Lauren Young Sent: Wednesday, May 25, 2011 5:26 PM
Subject: Reuters letter
I'm the personal finance editor here at Reuters, overseeing John Wasik's contributions as well as Linda Stern's personal finance coverage.
I was forwarded your email about John's most recent column. Coincidentally, I had a meeting with Mark Greene, president of FICO today, so I asked him to respond to your letter.
He confirmed that credit scores -- as well as reports -- can be accessed and used by employers as well as landlords. They are also used by auto companies, insurers and, obviously, banks.
April, 1997: "Information on how to obtain one's credit score is suspiciously absent from your site. How do I get mine?"
"And we're not running a game show. I mean, we're evaluating risk. We're not trying to have people get--achieve the highest score."
"Fisher is a fan of going by the book and then beyond it."
"He beat the scoring proponents to the punch by scooping up the web address http://www.creditscoring.com, from which he launches often strident, sometimes wacky, but usually well-documented attacks on the credit-scoring concept and the industries that support it."
Realty Consumers Empowered By Online "Peoples" Court - "His Web site CreditScoring.com helped him-- and millions of other consumers-- extend fair credit reporting rights to credit scoring information."
"Fisher operates the www.creditscoring.com Web site, which skewers the secrecy of the credit bureaus and Fair, Isaac." - The Detroit News
"CreditScoring.com is an exceptionally-interesting site that offers news and information regarding credit scoring and--
really-- the entire credit process."
"'Garbage in, garbage out,' says Greg Fisher of Dayton, Ohio, who runs two Web sites on the subject, creditscoring.com and creditaccuracy.com."