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| By Greg Fisher

Credit score information for fools by fools

Days after admonition, the Motley Fool publishes the same false information about employers and credit scores

In the panoply of credit score information (and misinformation), players eventually run into each other.

In this instance, it is an organization named the Motley Fool (with a name like that, you have to wonder if you can even reason with them), Fair Isaac, the FICO credit score company, and Wikipedia, a message board cleverly disguised as an encyclopedia. Demos, an organization that gave false testimony in Connecticut is featured.

Employers do not use credit scores.

@creditscoring Employers may not see the score itself, but it can indicate other credit issues that they do see. http://t.co/rVECDqsIh1

— The Motley Fool (@themotleyfool) May 6, 2014

The link at the end of that fateful social media message from the Motley Fool is to a report by Demos. Thanks to the Connecticut sunshine law, a serious flaw in Demos' (and others') testimony to the Connecticut legislature is apparent. A serious consequence: An actual law was created.

@creditscoring @Demos_Org correct that as far as we know employers do not check credit scores-- larger issue is checking credit reports

— Amy Traub (@AmyMTraub) December 23, 2013

That appears to be Demos' sole public acknowledgement of its egregious error. Troubling, to be sure, but let's get back to today's story.

Even after the message above to the Motley Fool, another article on fool.com appeared over the weekend. It also states, falsely, "Insurers, banks, credit card companies, and even employers can look into your credit score, too, with financial consequences."

Indeed, the error occurs within the first three sentences.

Meanwhile, another (very old) credit score myth is debunked.

@FICO, is the information in @Wikipedia bullet point "30%: Credit utilization" true? http://t.co/lpoiFXLWrk @TheMotleyFool @AnthonySprauve

— Greg Fisher (@creditscoring) May 6, 2014

Wikipedia refers to the Motley Fool in its description of a category of a FICO credit score, Amounts owed. However, the Motley Fool makes a common error in describing that entire category of individual items of scoring: It states that the category is solely about a balance to-limit ratio. In fact, the group includes other measures—how many accounts have balances, for instance.

You might be foolish with your money, but you don't have to be the village idiot.