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A bleak account

2008 Credit Score News

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UPDATE: Fair Isaac Used Only Anectdotal Evidence
FICO company fails to name one employer using credit scores

Somebody, somewhere said something, but we don't know who.


U.S. Treasury Suggests Employers Use Credit Scores
Federal Government public service announcement television spot refers to credit scores in employment setting

Contrary to statements from the three national credit reporting agencies, the United States Department of the Treasury suggests that employers use credit scores in hiring decisions.


The So-Called "Credit Utilization Ratio," and Advice About It
You can't make this stuff up.

More various emphatic proclamations from your smiling media. Its suggestions for the amount of credit balances compared to the limits ranges from 99% to zero. Choose your own feel-good point.


Dubious Headline: "Obama Wants Your Credit Score"
Mainstream media knee-jerk story

Contrary to the report, the company providing the consumer reports emphatically states, "ChoicePoint does not offer credit scores for purposes of employment-related background checks and no reputable background screening company or employer uses credit scores as part of the hiring process."


FICO Company Warns Employers Use Credit Scores that Credit Reporting Agencies Deny Providing
Fair Isaac myFICO uses video to make the statement, but the issue is blurry. video: "That's right. That little three-digit number between three-hundred and eight-fifty impacts your financial life in a lot of ways."


One Year of Wikipedia Misinformation
Average credit score citation dangerously inaccurate press release: "Fundamental credit benchmark is misunderstood, mangled and muddled while mankind mired in major mortgage meltdown."

Heard in senate hearing: 720 FICO
Schumer's statement on credit tightening

"I’ve heard from car companies that it is virtually impossible to get an auto loan right now, unless you have a credit score over 720." - U.S. Senator Charles E. Schumer, (D-NY), Senate Banking Committee financial institutions bailout hearing, September 23, 2008


The Free Credit Score Check Online, with a Free Credit Report
They really are free, but you still need a credit card to get them.

How to get a free FICO credit score, the one used by mortgage lenders, on a trial basis. Cancel before the end of 30 days and there is no charge. Get a FICO, not a Fake-O.


Classic FICO credit score versions and models
If you think that you have only three FICO scores, guess again.

Deployment and differences of the various Classic FICO score versions and models. Who decides which versions are used.


Equifax on inquiries
Statement differs from Fair Isaac message

Fair Isaac talks about an older version using 14-day shopping period, but that the the newest versions use 45. Equifax: "two-week period." Email to Equifax and Fair Isaac to clarify.


Influence: Government. Credit scores. Pre-employment screening
Experian and Equifax reply

Same as TransUnion and Choicepoint: No scores.


Influence: Government. Credit scores. Pre-employment screening.
Reports vary.

Big voices saying different things make it hard to know what to believe.


Fake-O FICO Funk: New York Times correction
Won't be fooled again by Experian

Another big media outlet falls for Experian's PLUS score (average 678; 692) snow job, but sets the record straight.


Happy Birthday, VantageScore
Equifax/Experian/TransUnion troika celebrates the first two years, down at the courthouse

U.S. District judge denies the three blind mice's dismissal request.


Wikipedia, style before facts
The debates rage on while the truth suffers

Just another day at Wikipedia. Nothing new, here. See the edits.


Fannie Mae credit score chart
Pricing based on FICO score and equity

A more detailed credit score matrix for the mortgage lending industry.


Fake-O FICO Funk
New York Times duped

Falls for Experian's fake credit score. Confuses it with FICO and ends up misleading consumers. Times Corrections.


Fair Isaac's 2008 version of its broad-based credit bureau risk score model

Index and timeline.

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