Credit Scoring Site
The latest news. The RSS feed for The Credit Scoring Site, a bleak account

• 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.

• U.S. News and World Report Dubious Headline: "Obama Wants Your Credit Score"
  Mainstream media knee-jerk story about an alleged practice in conflict with an actual supplier's claim: No reputable employer does it.

  To the contrary, 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 uses video to make the statement, but the issue is blurry.

  myFICO.com 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

  creditscoring.com 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

• Free Credit Score Check Online, FICO with 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.

• 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
  How credit checks within a particular time period affect the score

  Statement differs from Fair Isaac message.

• 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.

• 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
  "Downward spiral" vs. "Vicious cycle"

  There is important work to be done. Unfortunately, you won't, but won't find it at the United States credit score entry at Wikipedia. Even so, the search engines take you right to it.

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

  Amid the mortgage rubble, Tweedledum fires off new prices, now more closely tied to the FICO score.

• Fake-O FICO Funk
  New York Times falls for Experian's fake credit score.

  Confuses it with FICO and ends up misleading consumers.

• FICO 08
  Fair Isaac's 2008 version of its broad-based credit bureau risk score model

  Index and timeline.

• Influence: Media, Search engines
  Unreliable

  MSN Live Search top ten results score an F.

• Influence: Media, Search engines
  Unreliable

  Yahoo!'s top ten results score an F.

• Influence: Media, Search engines
  Unreliable

  Google's top ten results score an F.

• FICO 08 held hostage
  Day 36, 11/5/07

  In credit scoring, don't believe anything until you (finally) see it.

• Get your credit score. Get the FICO score.
  A byzantine, ambiguous, confusing process brought to you by the credit bureau oligopoly. But, just remember this: Get the FICO.

  Consumers are bombarded with come-ons from hucksters all over the internet and television, and the sure-fire ways to get a meaningful credit score are less than obvious.

• Influence: Media, Wikipedia
  Two errors in one sentence

  There for over a year.

• Influence: Media, lying, challenge
  Asking them to stop

  A Dow Jones MarketWatch writer suggested having lenders lie to the credit bureaus. creditscoring.com posted a comment on the story page asking the author to remove the suggestion.

• Influence: Media, Wikipedia
  Wikipedia's errors regarding credit scores

  Rumor and myth, track and kill.

• Influence: Media, lying
  Anarchy, and media's unethical suggestion to usurp the credit reporting system.

  Stand by for sleaze.

• Secured credit cards
  Add accounts, build your credit report history, and improve your credit score (increase your savings, too).
• Media
  Scary
• Fake-O FICO Funk: More dupes
  Others who bought into the 678 rumor
• Sanity
  Baltimore Sun columnist pops the housing bubble media hype bubble
• New: Credit scores in mortgage lending
  How the mortgage loan industry uses FICO scores
• Fair Isaac on the 678 myth
  Straight from the horse's mouth: It's not 678
• email to CBS
  The direct approach to changing the media culture
• Experian first to offer FICO 08
  September 07 mystery solved
• CBS News financial consultant suggests creating fictitious credit history
  Recommends asking your lender to lie to the credit bureaus