correction policy, Philadelphia Inquirer

From: Greg Fisher [mailto:greg@pagea2.com]
Sent: Tuesday, August 14, 2012 10:14 PM
To: Bill Marimow, editor, Philadelphia Inquirer, Philadelphia Media Network Inc.; Reid Kanaley, columnist, Philadelphia Inquirer
Cc: Laura D. Adams, personal finance expert, Quick and Dirty Tips; Stacy Johnson, CPA, executive producer, publisher, president, journalist, Money Talks News; Jeff Gelles, columnist, Philadelphia Inquirer; Gail MarksJarvis, personal finance columnist, Chicago Tribune; Sam Zell, Tribune Company
Subject: correction policy, Philadelphia Inquirer

Mr. Marimow, please forward this message to Robert Hall of Interstate General Media L.L.C.

See this message and your response at http://www.pagea2.com/correction-policy-philadelphia-inquirer/

You published, “The Money Girl website includes this post by Laura Adams, with tips for raising a score.”

Your link leads to a page on which Adams states, “Your score indicates your creditworthiness to potential lenders, banks, landlords, insurance companies, and even to some employers, for instance.”

Your link to MoneyTalksNews goes to a page that states, “Much like your final grade summarized your command of a course in school, your credit score is the distillation of everything in your credit history,” Stacy [Johnson] wrote in 5 Reasons We Need Free Credit Scores Now.”

The link in that sentence leads to a page where Johnson claims: “It’s no exaggeration to say your credit score can change your life. This single number can determine whether you get a job or own a home.”

In another article, your reporter wrote, “There’s no simple answer, because lenders and others who use credit scores – such as insurance companies and employers – use the data differently.”

And finally, you also published, “Because employers and landlords have access to the scores, they can determine who gets an apartment or even a job.”

Employers do not use credit scores because they cannot even get them.  Who is your source regarding credit score use by employers?

What is your correction policy?


Greg Fisher
Page A2
pagea2.com
PO Box 342
Dayton, Ohio  45409-0342

 

Chicago Tribune’s uncorrected errors

From: Greg Fisher [mailto:greg@pagea2.com]
Sent: Wednesday, June 06, 2012 1:38 PM
To: Sam Zell, Tribune Company; Sam Zell, Tribune Company (alt); Corrections desk, Chicago Tribune
Cc: Jane Hirt, vice president, managing editor, Chicago Tribune; CTC-YourMoney; Margaret Holt, standards editor, Chicago Tribune; Anthony Sprauve, US Consumer / FICO Score Public Relations, Fair Isaac; Craig Watts, Fair Isaac; Northwest Chicago Film Society; Nina Metz, reporter, film, TV and theater, Chicago Tribune; Daniel Bortz, reporter/editor, Personal Finance, U.S. News & World Report; Mortimer B. Zuckerman, chairman, Executive Committee, editor-in-chief, U.S. News & World Report (via Liz Putze); Julie Diop; Ilyce Glink; Luke Knowles, FreeShipping.org; Kate Forgach, blogger, FreeShipping.org; Felix Salmon, blogger, Reuters; Katie Leslie, reporter, Atlanta Journal-Constitution; Marcus K. Garner, reporter, Atlanta Journal-Constitution; Jane Scholz, editor, McClatchy Tribune Information Services ; Gary B. Pruitt, chairman, president and CEO, McClatchy Company (via E. Lintecum); Gerould W. Kern, senior vice-president and editor, Chicago Tribune
Subject: RE: credit score, utilization ratio, Chicago Tribune II, You can’t have it both ways

Not so fast, Mr. Zell.

The numbers you use for credibility are also your downfall.  While you may be satisfied with the column, you did not say that it is accurate.  Who was your source for that part of the column?

Now, here is the big question:  If 30 percent of the FICO score depends on the so-called credit utilization ratio (an inaccurate notion), then what percentage depends on the Number of accounts with balances?

A long time ago, I spent a year dealing with that issue and I am sure that the percentage is a positive number.  According to your logic, however, it is zero.

Same for Amount owing on specific types of accounts.

Same for Lack of a specific type of balance, in some cases.

Same for Amount owing on accounts.

So, your response fails to address a simple math problem.  The ratio accounts for something less than 30 percent of the score, so your statement is incorrect.

The impossibility of your utilization ratio claim notwithstanding, perhaps you could discuss with Fair Isaac (to whom you refer as FICO) your multiple inaccurate articles about employers using credit scores.  The company has no expertise on the matter (since, to my knowledge, it does not sell consumer reports to anybody but consumers), however, it has significant influence over media.  Fair Isaac certainly has Reuters snowed.  Asked to explain its public statement about pre-employment screening, Fair Isaac replied, “The mention you cited from the myFICO video clip was based on anecdotal information gleaned from public sources such as published articles.”

Perhaps they got it from you.  Years after the FICO score company stated that employers use credit scores, that claim—based on a silly rumor—has been debunked.  But it lives on at the Chicago Tribune.

In one place you published, “Because employers and landlords have access to the scores, it can determine who gets an apartment or even a job.”

On the contrary, in another place, you published: “Similar to the reports that a consumer can obtain for free each year through credit-reporting agencies, employers receive a report that lists debt. The reports do not, however, give an applicant’s credit score.”

Yet, in another place, you published, “When you decide to purchase a car or house, or even rent an apartment or apply for a job, your credit score matters.”

Consumer reporting agency Experian states: “Employers never get a credit score. Unfortunately, that is a very common misperception.”

There are other examples.  In one, a columnist made an honorable correction in a subsequent column (dated Independence Day, no less), but it doesn’t seem to have hit da Trib (the date of the correction ironic in light of your abuse of our First Amendment rights).

Who are your sources?

Based on information that you continue to maintain on your website, I might have caught one of the few trains that go through Ohio (and in the middle of the night) to Chicago to see the film “The Halliday Brand” only to find that tonight’s screening had been canceled.

You published your correction on another page.

What is your correction policy?

Consider the citizens.


Greg Fisher
Page A2
pagea2.com
PO Box 342
Dayton, Ohio  45409-0342

 

 

From: CTC-YourMoney [mailto:YourMoney@tribune.com]
Sent: Monday, June 04, 2012 5:04 PM
To: Greg Fisher
Subject: RE: credit score, utilization ratio, Chicago Tribune II

Dear Mr. Fisher:

After discussing your concerns with FICO, we’re satisfied with Carolyn Bigda’s column. Thank you for writing.

Kind regards,

Pete Reinwald
Content editor
Consumer finance
Chicago Tribune
Tribune Newspapers

[previous email]

 

Credit score viral rumor published by Tribune furthered by credit score company, itself

[next email]

From: Greg Fisher [mailto:greg@pagea2.com]
Sent: Monday, June 04, 2012 11:33 AM
To: Sam Zell, Tribune Company; Sam Zell, Tribune Company (alt)
Cc: László Hajmási, DailyRumor.org; Barry Paperno, FICO; Craig Watts, Fair Isaac; John Ulzheimer, The Ulzheimer Group; Jane Hirt, vice president, managing editor, Chicago Tribune; Gary Weitman, SVP, corporate relations, Tribune Company; Elliot Raphaelson, columnist, Tribune Media Services, Tribune Company; Carolyn Bigda, columnist, Chicago Tribune; Gerould W. Kern, senior vice-president and editor, Chicago Tribune
Subject: RE: credit score, utilization ratio, Chicago Tribune II

Credit score expert John Ulzheimer calls the overstatement of the importance of credit utilization ratio a myth.  Now there is a copy of your inaccurate article on—get this—DailyRumor.org.

Oh, the irony.

And, there is even a link to your piece on the myFICO Facebook page.

Oh, the ultimate irony.


Greg Fisher
Page A2
pagea2.com
PO Box 342
Dayton, Ohio  45409-0342

 

From: Greg Fisher [mailto:greg@pagea2.com]
Sent: Friday, May 18, 2012 3:57 PM
To: Carolyn Bigda, columnist, Chicago Tribune
Subject: credit score, utilization ratio, Chicago Tribune

In error, you wrote, “Sixty-five percent of your score depends on just two things — your payment history and the amount you borrow compared with the total credit available to you (what’s known as a credit utilization ratio).”

That may be what Wikipedia says, but you are incorrect.  See http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx.  The proportions of credit lines used and installment loan amounts still owing are only two of 6 items in the category that makes up 30 percent of the score.  Indeed, the number of accounts with balances is in that category, but has nothing to do with any ratio.

Where will the correction appear?


Greg Fisher
Page A2
pagea2.com
PO Box 342
Dayton, Ohio  45409-0342

 

Chicago Tribune, errors and corrections

From: Greg Fisher [mailto:greg@pagea2.com]
Sent: Friday, April 20, 2012 11:11 AM
To: Sam Zell, Tribune Company; Gerould W. Kern, editor, Chicago Tribune; Jane Hirt, managing editor, Chicago Tribune; Mary Elson, managing editor, Tribune Media Services
Cc: Mortimer B. Zuckerman, chairman, Executive Committee, editor-in-chief, U.S. News & World Report (via Liz Putze); Daniel Bortz, reporter/editor, Personal Finance, U.S. News & World Report
Subject: RE: credit score, employers, U.S. News, Chicago Tribune

See this message and your response at http://www.pagea2.com/chicago-tribune-errors-and-corrections/.

You published a U.S. News & World Report item that states, “Even job applicants can have their credit scores pulled by employers, as a means of determining if they’ll be a risky hire for the company.”

On the contrary, your website also states: “Similar to the reports that a consumer can obtain for free each year through credit-reporting agencies, employers receive a report that lists debt. The reports do not, however, give an applicant’s credit score.”


Greg Fisher
Page A2
pagea2.com
PO Box 342
Dayton, Ohio  45409-0342