National Financial Literacy Month - Video illustrates myth that employers use credit scores
creditscoring.com video shows media, experts, central bank and legislators furthering the myth that employers use credit scores in hiring decisions
By Greg Fisher
By Presidential proclamation, this is National Financial Literacy Month. If you don't know much about money, don't feel stupid. Even the Federal Reserve needs an education.
PRESS RELEASE
creditscoring.com video: Employers using credit scores a myth
DAYTON, OHIO - APRIL 25, 2011 — creditscoring.com, The Credit Scoring Site, released another video exploring the myth that employers use credit scores.
Coinciding with National Financial Literacy Month, the consumer-oriented website's second video includes three television networks, cable news channels, the Federal Reserve, and state and federal legislators--including a U.S. Senator. In the video, lauding passage of a new law, the governor of Illinois said, "Unfortunately, some employers are using credit score[SIC] of an individual person to decide whether someone gets hired, or someone gets retained on a job, or someone gets a promotion on that job."
In 2008, creditscoring.com published correspondence with national consumer reporting agencies (commonly called credit bureaus) TransUnion, Experian and Equifax in which they stated that they do not provide credit scores for employment purposes. They provide a type of report for employment screening, but those reports do not contain credit scores. The website chronicled the hiring decisions false rumor in the three years since the exchanges, and continues to do so.
New features on The Credit Scoring Site are named for holidays such as Groundhog Day, Valentines Day and St. Patrick's Day. The St. Patrick's Day page highlights VantageScore, a joint venture of the credit bureaus, stating, inaccurately, that employers used credit scores, then retracting its statement. The credit score employers myth video feature is entitled National Financial Literacy Month.
Greg Fisher, author of creditscoring.com, comments: "This is an old story, but the employers-use-credit-scores zombie myth won't die. Actually, it seems to keep growing. Unfortunately, compared to the television networks, the blogosphere, Wikipedia and the U.S. Senate, creditscoring.com is a peashooter."
Until now, Fisher avoided using the word "myth," but explains: "After following the issue for three years, it was time to call it what it is: a myth. But, somehow, I feel like I'm not going to have the last word."
About the Credit Scoring Site
creditscoring.com, The Credit Scoring Site, has tracked events and trends in credit scoring since 1998. Approaching the topic of credit scores from a consumer's perspective, creditscoring.com asks the questions an average person would ask, and provides relevant, useable, documented analyses. For more information, contact The Credit Scoring Site, 937-681-3224; email: greg@creditscoring.com; website: http://creditscoring.com. PO Box 342, Dayton, Ohio 45409-0342.
All product and company names herein may be trademarks of their respective owners.
Contact:
Greg Fisher
The Credit Scoring Site
http://creditscoring.com
Phone: 937-681-3224
PO Box 342
Dayton, Ohio 45409-0342
greg@creditscoring.com
In the video:
"Street Signs" - CNBC
SHRM (Society for Human Resource Management)*
Statement in U.S. Equal Employment Opportunity Commission (EEOC) meeting*
"The Early Show" - CBS
Maryland Delegate Kirill Reznik
Statement in U.S. Equal Employment Opportunity Commission (EEOC) meeting*Maryland State Senator Rob Garagiola
Minnesota State Senator Jim Carlson
Illinois State Senator Don Harmon
John Ulzheimer, credit expert witness*
The Federal Reserve Bank of Cleveland
Congresswoman Jackie Speier, California
Congressman Steve Cohen, Tennessee
U.S. Senator Mark Udall, Colorado
* statements not claiming that employers use credit scores
Previous video, regarding media and the myth.
