| By Greg Fisher
In the U.S., employers do not use credit scores because they cannot even get them.
According to the Financial Consumer Agency of Canada, a federal regulatory body, "In Canada, there are two main credit reporting agencies: Equifax Canada and TransUnion Canada."
In 2008, TransUnion stated that it does not provide credit scores for employment purposes. Inexplicably, today, a document dated 2007 still exists on TransUnion's website, and gives, indeed, this definition: "A credit score is the result of advanced analytical models that take a 'snapshot' of the consumer's credit report and translate it into a three-digit number representing the amount of risk a consumer brings to a particular transaction, such as financial, insurance or even employment."
The intensive adjective even is the real kicker. It makes it seem that somebody had the presence of mind to call more attention to that alleged use.
And a credit score doesn't necessarily have to be three digits, anyway.
DailyWorth - More myth within myths lists
As "content" grows, in yet another credit score myths article, website DailyWorth states, inaccurately, "Credit scores determine whether you can finance a car or a house, get an apartment and possibly whether you will be hired for your next job."
The same DailyWorth.com piece also states, "You can check your credit once per year without hurting your score."
While that is true, in fact, you can check your consumer file (as represented by a credit report) as often as you wish with no consequence to your credit scores. For a logical reason, inquiries to your own file are not counted in credit score algorithms.
The writer also recommends, "Just remember to keep your monthly charges below 30 percent of your available credit."
Forget that, too. See #4 on a documented credit score myths list.
It is not clear if the person quoted in that segment of the article provided that information, but it is clear that he failed the litmus test. He writes, inaccurately, "A poor credit score can haunt you throughout adulthood, affecting your ability to rent an apartment, finance a car, buy a home or even land your dream job."
To be sure, his company states more directly (and falsely), "And as more potential employers are reviewing credit scores as part of their hiring process, a bad score can hurt college grads when they apply for jobs."
There is no evidence of such a practice.