False information published by the St. Louis Fed, Part 1
Federal Reserve Bank of St. Louis overstates significance of credit score utilization ratio
| By Greg Fisher
This is complete, utter and pathetic institutional failure at the highest quarters of civilization.
James Bullard
— Greg Fisher (@creditscoring) April 8, 2021
St. Louis Fed
Missouri
That graphic is false information, Mr. Bullard.
The 30% FICO category ("Amounts owed") is more than just a ratio; "How many accounts have balances," for instance. https://t.co/aCq7tx9Cgy#falseinformation #MO #Myth7 https://t.co/x8pxT3lOuQ
By not replying to my previous message, you have really blown it, Mr. Bullard.
— Greg Fisher (@creditscoring) April 10, 2021
Take responsibility for the false information you published. Reply to this message today. Get it together. #2104F #n191308https://t.co/vEep2ZGrrlhttps://t.co/BYOmhdaBHX https://t.co/on3qrzVTm5
FROM: Greg Fisher, greg@truthandfalsity.com
TO: Media Inquiries, Federal Reserve Bank of St. Louis [mediainquiries@]
DATE: December 9, 2021, 2:56 PM
SUBJECT: credit score, 30% category
James Bullard
Federal Reserve Bank of St. Louis
OPEN LETTER
You falsely describe a category of factors in credit scores as "Amounts Owed Relative to Limits."
In fact, that category-- the one weighted at 30% (and whose name is really, actually only "Amounts owed") -- contains not only "Credit utilization ratio on revolving accounts" but also "How many accounts have balances" and other items.
My replies to you could not have been clearer. See Credit Score Myth 7. Misinformation about that is so widespread that I registered an internet domain for it: utilizationratio.com. What is the name of the person who wrote the word Relative?
Meanwhile, the Dallas Fed states, "Credit scores are used by employers, insurers, potential landlords and banks to assess an individual’s risk level."
That is false. Worse, it is part of material for high school students that was approved by the Texas State Board of Education.
In 2015, one of your representatives replied, "Regarding the information that employers use credit scores, this should be credit reports—employers can pull your credit report—and we are correcting this immediately."
See Credit Score Myth 2.
Please reply today. #Myth7 #2104F #Myth2 #1506k
--
Greg Fisher
Truth and Falsity
truthandfalsity.com
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342
mobile/text 937-681-3224
Whatsapp + 1 937-681-3224
Skype fisher100
creditscoring.com.vcf
The message above was forwarded to the Federal Reserve Board ombudsman at 2:42 PM on December 17, 2021. The ombudsman's office replied minutes later.
FROM: Ombudsman Office, Federal Reserve Board
TO: Greg Fisher, greg@truthandfalsity.com
DATE: December 17, 2021, 2:45 PM
SUBJECT: RE: credit score, 30% category
Mr. Fisher,
Thank you for forwarding the message that we discussed. We will look into your concerns and follow up with you.
Sincerely,
Ombudsman Office
FROM: Greg Fisher, greg@truthandfalsity.com
TO: Ombudsman Office, Federal Reserve Board
DATE: December 17, 2021, 3:21 PM
SUBJECT: Re: credit score, 30% category
Thank you for talking.
--
Greg Fisher
Truth and Falsity
truthandfalsity.com
The Credit Scoring Site
creditscoring.com
PO Box 342
Dayton, Ohio 45409-0342
mobile/text 937-681-3224
False Information Published by St. Louis Fed - Intended audience includes students #2104F #FinLit #FinancialLiteracy #FinancialCapability #FederalReserve #falseinformation #MO #DC https://t.co/M5jAOTz6go
— Greg Fisher (@creditscoring) March 22, 2022
Follow the activity of Item #2104F using that hashtag.
