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Thread: FICO is dead

  1. #1
    God/dess Deogol's Avatar
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    Default FICO is dead

    One of my clients told me they have stopped using credit rating as a background check for new hires.

    Of course, they might be saving money on credit checks because they are not hiring! LOL

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    God/dess Paris's Avatar
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    Default Re: FICO is dead

    In light of new revelations in finance, credit rating agencies are less than reliable sources of information (like AIG's AAA rating, for instance).


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    Banned Melonie's Avatar
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    Default Re: FICO is dead

    Basically, this is symptomatic of the huge number of people with 'good excuses' for being late on their payments.

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    Featured Member AkashaM's Avatar
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    Default Re: FICO is dead

    ^^^

    Maybe, but its completely pointless to hire someone based on their credit history. Furthermore, your finances are nobody's business but your own.
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    Banned Melonie's Avatar
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    Default Re: FICO is dead

    Furthermore, your finances are nobody's business but your own.
    While this may be true in an ideal world, in the real world you will find that both prospective employers and the IRS will show an interest in personal finances. With the employer you are free to maintain secrecy but it may cost you the job. With the IRS you are NOT free to maintain secrecy if any 'probable cause' of financial wrongoing is alleged.

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    Default Re: FICO is dead

    Quote Originally Posted by Paris View Post
    In light of new revelations in finance, credit rating agencies are less than reliable sources of information (like AIG's AAA rating, for instance).
    IMHO, I've never really understood why people are so hung up on not giving people who might not haver awesome "credit" a job?

    Now, before i get trashed hear me out: I understand it looks "bad" on your credit, and shows that you might have been untrustworthy...blah blah blah. But, some folks who get hired, who have excellent credit, are the ones who end up:robbing/stealing/shooting people.

    I have "bad credit" I guess, due to student loans, how am I a bad person? you know? maybe i got in over my head? maybe my situation @ the time, was different than someone else's? who knows...I think too much emphasis is put on your credit score to get hired. Chances are, the person you might hire who has a questionable/poor credit rating, could very well be someone who's trying to get their life back in order, or trying to pay off their credit?

    Just saying.

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    Default Re: FICO is dead

    Quote Originally Posted by AkashaM View Post
    ^^^

    Maybe, but its completely pointless to hire someone based on their credit history. Furthermore, your finances are nobody's business but your own.
    Bingo!!! We have a winner!

    The person who "cant make their payments" might be a very good person, who just got caught in weird circumstances?

    Maybe the folks w/"good Credit" are the ones who are robbing you blind?

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    Default Re: FICO is dead

    Quote Originally Posted by BIGJosh View Post
    Bingo!!! We have a winner!

    The person who "cant make their payments" might be a very good person, who just got caught in weird circumstances?

    Maybe the folks w/"good Credit" are the ones who are robbing you blind?

    While this may be true in an ideal world, in the real world you will find that both prospective employers and the IRS will show an interest in personal finances. With the employer you are free to maintain secrecy but it may cost you the job. With the IRS you are NOT free to maintain secrecy if any 'probable cause' of financial wrongoing is alleged.

    This includes "hiding" tips/income from the IRS, and I guarantee you NO ONE here would do such a thing?

    In that case, alot of you ladies should be prepared to get :audited/investigated?

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