The Credit Scoring Site A bleak account 


O'Shaughnessy's first big challenge at Graham

New Year's Day, 2016 - Credit Score Myth 1 (inquiries). Houston, we've had a problem here. It's you.

| By Greg Fisher

See #1512aa.

Since inquiries to credit reports are in a category of data that accounts for only 10 percent of a credit score, not every inquiry will affect that score.

Despite that simple logic, a television station report in Houston, Texas (n528) states, "Every hard credit inquiry lowers your score by a few points and they can happen often."

Such a claim is, literally, Credit Score Myth 1.

That unfortunate occurrence in the public's airwaves came with another screw-up, Myth 2, a now-laughable error that, despite years of mea culpa, continues. According to KPRC-TV (FCC Facility ID 53117), "These days it's just as common for employers to check your credit score as it is for them to check your references."

No, it is not. That is false information.

In 2008, Experian stated, "Experian's business policy prevents the inclusion of credit scores with an employment report, at Experian called Employment Insight."

Equifax stated, "We do not knowingly provide scores for pre employment screening."

Transunion stated, "TransUnion does not provide a credit score for employment screening purposes."

Later, Transunion even testifed about the notion.

Experian, 2011: "It is also important to understand that credit scores are never used for employment purposes."

Experian, 2012: "Employers never get credit scores."

Background check expert Lester Rosen explains, "A credit report viewed by an employer or volunteer agency is called an Employment Credit Report and does not contain the same information as is found on a credit report available to lenders or even the credit report you get when you exercise your rights to view your own credit report from a credit bureau," and "A credit score is not available to employers."

Even lowly Wikipedia (eventually) stated, "Experian, Equifax, TransUnion and their trade association (the Consumer Data Industry Association or "CDIA") have all gone on record saying that employers do not receive credit scores on the credit reports sold for the purposes of employment screening."

See the abject fear in the poor expert/reporter's eyes as she misinforms the citizens of Space City.

In November, Timothy J. O'Shaughnessy became the top person of KPRC. He is the chief executive officer and president of the broadcast station's parent organization, Graham Holdings Company.

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