CNBC reporting errors about credit scores, December, 2013

January 3, 2014 | By Greg Fisher, creditscoring.com

"All concerns or comments about a specific news broadcast or commentary should be directed to the local station and network involved, so that the people responsible for making the programming decisions can become better informed about audience opinion." Federal Communications Commision

Employers do not use credit scores, and Mitch McConnell is not Majority Leader.

However, WRC, a television station in Washington, D.C. broadcast this false statement:

“Jim, if finances have a heartbeat, it's the credit score. It affects what you pay for mortgages or rent, your auto loan, your insurance, your utility deposits, and even if you'll get a job.”

That's not just any television station. It's the station using the public airwaves in the nation's capital owned and operated by behemoth Comcast. Perhaps U.S. Senator Elizabeth Warren watches that channel. Maybe she'll be watching when they make an on-air correction.

Activity (or lack thereof) related to the email below (sent less than 24 hours ago, links included) is playing out today. Let's watch what happens.

From: Greg Fisher [greg@creditscoring.com]
Sent: Thursday, January 02, 2014 1:56 PM
To: Brian L. Roberts, chairman and CEO, Comcast Corporation (via Adam Miller, EVP, Corporate Affairs, NBCUniversal, Comcast)
Cc: Jean Chatzky, financial editor, TODAY, NBC News, Comcast; Jean Chatzky, jeanchatzky.com; Bob Sullivan, senior writer, Technology, msnbc.com, NBCUniversal, Comcast; Bob Sullivan, senior writer, Technology, msnbc.com, NBCUniversal, Comcast (2); D'Arcy F. Rudnay, senior VP, corporate communications, Comcast; Herb Weisbaum, The ConsumerMan, MSNBC.com (MSNBC Interactive News LLC), NBCUniversal, Comcast; Vivian Schiller, senior VP & chief digital officer, NBC News, NBC News Digital (Newsvine); Allen Wastler, managing editor, CNBC.com; Peter G. Peterson; Tim Armstong, chairman and CEO, AOL (via M. Sullivan); Arthur Sulzberger, Jr., publisher, New York Times
Subject: RE: inaccurate information, as a bryd that retorneth

You published (and Gannett, the Fiscal Times and AOL republished), “Experts estimate that a less-than-sterling credit score can cost you tens of thousands of dollars over the years, since you'll be paying higher interest rates on everything from mortgages to a [WITHHELD] credit card—if you can even obtain those things.”

Who is your source regarding the idea that a credit score could influence the interest rate of a revolving account from a particular famous department store?

And, what magic happens when you “use no more than 30 percent of the credit available to you on credit cards and other credit instruments”? In other words, what makes 30 percent (as opposed to, for instance, 29 or 31 percent) essential? Indeed, the reason for the existence of your source for that number is to serve lenders. And, who is your source for the notion that the so-called “utilization” ratio accounts for roughly a third of a person’s credit score?

Also, your report claims, “And while Sen. Elizabeth Warren, D-Mass., has introduced legislation to make the practice illegal, for now employers can use credit scores to evaluate job applicants.”

No, they can’t. Employers do not use credit scores. I looked into it. While elsewhere even you (eventually) state the fact that they do not, in addition to your false December 26 article mentioned above, you continue to maintain a false report of that notion written by the New York Times over a year ago.

Mr. Roberts, get serious about your affiliations, and about accuracy, errors and corrections—or get out of the news business. You are just making a big mess.

What is your correction policy?

Finally, while you prepare your response, I demand that you make a correction to one of your many websites today. It is a slam dunk (if you are aware of history, that is), and will stand as a measure of your competence, and seriousness as the head of a media organization—and, indeed, as a citizen. Here it is: Mitch McConnell, while a fine man, is not the Senate majority leader. Your website says that he is.

--
Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342

The following email messages were attached.

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, February 23, 2012 1:51 PM
To: Bill Gates, chairman, Microsoft (via Waggener Edstrom Worldwide); Miller, Adam (NBCUniversal)
Cc: Bob Sullivan; D'Arcy F. Rudnay, senior VP, corporate communications, Comcast
Subject: inaccurate information, correction policy, factual error, msnbc.com, Comcast / Microsoft

You published: “An HR department facing a stack of 100 resumes for one job would love a numerical tool that could automatically whittle the pile to five or six. HR departments [alt] already do some of this whittling based on credit scores.”

That is inaccurate information. Consumer reporting agencies do not provide credit scores for employment purposes.

Who is your source? What is your correction policy? Will you make a permanent correction and acknowledge the factual error on the story’s original page?

--
Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342

February 23, Sullivan replied:

"Thanks…looking into it."

Later the same day, Sullivan sent a second message:

"I will make the correction and note it."

From: Greg Fisher [mailto:greg@creditscoring.com]
Sent: Thursday, February 23, 2012 5:48 PM
To: Brian L. Roberts, chairman and CEO, Comcast Corporation (via Adam Miller, EVP, Corporate Affairs, NBCUniversal, Comcast)
Cc: Bob Sullivan, reporter, msnbc.com, NBCUniversal, Comcast / Micorsoft; D'Arcy F. Rudnay, senior VP, corporate communications, Comcast; Bob Sullivan, reporter, msnbc.com, NBCUniversal, Comcast / Micorsoft; Bill Gates, chairman, Microsoft (via Waggener Edstrom Worldwide)
Subject: RE: inaccurate information, correction policy, factual error, msnbc.com, Comcast / Microsoft, sentence 2, inaccurate information origin

The second sentence of your article still states, “You have an ‘Employment Credit Score.’"

Who is your source regarding that information? What is your correction policy?

The words credit score link to an advertisement. Merely hovering over the link produces an ad.

Also, one of your websites (aimed at children), states:

Ms. CHATZKY: They all use the information, so you are going to have to work on getting this score in shape. But no, 75 percent of the com--country's[SIC] mortgage lenders use this actual score, so it benefits you to know what yours is and make sure that it's decent.

COURIC: OK. It's not only used by creditors, it's also used by employers?

Ms. CHATZKY: Employers, auto insurers, landlords. All of those people use the information in your credit report in some form. They may use this score, they may use a slightly different score that's cooked for their purposes. But this information follows you everywhere you go, so you really need to be very careful to protect it.

What on-air correction did you make after you broadcast the same information on “Today”?

--
Greg Fisher
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342