Posted by Robin Pugh on 8/25/09 5:12pm
Msg #301621

company wanting your fico score before they will do business

Please inform me if I am wrong.........what business is it of theirs that they need my fico score before I can close a loan for them???? Please tell me if I am politically incorrect?????????????

Reply by ML/PA on 8/25/09 5:20pm
Msg #301623

What? Are you serious? That is absolutely ridiculous. I would not agree to that.

Reply by bfd110_IN on 8/25/09 5:21pm
Msg #301625

the same contacted me. But i only thought they were doing loans in Indiana. so shouldnt really matter since you live in Kentucky cause if you live in kentucky you are not legally able to do closings in Indiana. things to make you go HMMMM

Reply by 101livescan on 8/25/09 5:25pm
Msg #301628

You show me yours, I'll show you mine! Turnabout is fair play, don't you think. I've always marveled at how much these companies get to know about us, but we can't get the same info on them. They have all our most private, confidential info, and what do we have, NADA!

Reply by Shoshana/AZ on 8/25/09 5:28pm
Msg #301629

I am not surprised.

The FICO permeates every area of our lives. This especially true of auto insurance.

Reply by Dennis D Broadbooks on 8/25/09 6:15pm
Msg #301634

Virtually All Types of P&C Insurance...

...utilize credit scoring today, not just auto. It's one of the biggest changes in the industry over the past 10 years.

Reply by John_NorCal on 8/25/09 5:36pm
Msg #301631

As far as I'm concerned....

I, as all CA notaries, have passed background checks by the state Dept of Justice and the FBI in order to get my commission, no way in hell will I give them my credit information. Our credit background is not germane to what we do, if anything we should have credit reports performed on the hiring companies, after all we are the ones extending credit to them not the other way around.

Reply by JanetK_CA on 8/26/09 1:59am
Msg #301699

My thoughts exactly!! n/m

Reply by MW/VA on 8/25/09 6:33pm
Msg #301635

Employers are routinely requiring a credit check/credit scores in their hiring practices.
IMO you need to remind this company that you are an Independent Contractor, and your personal info is none of their concern. Did they ask for a BGC?
Like it or not, those FICO scores are being used for more than you know. As someone already pointed out, it is used as a risk factor in insurance matters.
It appears it only applies to some people, as usual. I am routinely seeing VA loans with great rates for people w/credit scores in the 600's. Go figure.

Reply by desktopfull on 8/25/09 9:28pm
Msg #301673

Only one at risk is NSA, we are the ones taking the risk of

getting ripped off by these companies. Under no circumstances would I authorize a credit check for doing a signing. Can you image how fast your score will drop if everyone we did closing for suddenly ran a credit check?

Reply by ReneeK_MI on 8/26/09 4:50am
Msg #301701

These types of inquiries do not affect your score.

The only type of inquiry that can affect your score is when you actually complete an application for credit. Inquiries from insurance companies, for employment purposes, etc do not affect your score.

Reply by ReneeK_MI on 8/25/09 6:33pm
Msg #301636

This was the standard for every employer I ever had

on the 'inside' of this industry, so I guess I feel a bit differently about it. While I'm not an employee, I still have access to much of the same information on the borrowers - and the reason this was (and most likely still is) done is because (obviously?) those with poor credit are more likely to be *motivated* to do Very Bad Things. My own opinion ... I think the same standards should be applied to employee and/or contractor, regardless. If I ask myself this question objectively, or as if I were Joe Q. Consumer - the answer seems so obvious. I also welcome almost anything that nails down some kind of minimum standards to entering this line of work.

Reply by ReneeK_MI on 8/25/09 6:37pm
Msg #301638

And to ADD to my thoughts ...

THIS is why I'm always harping about sending clients through collections via D&B, because lenders & T/C's do NOT want the liability of doing business with vendors who have bad credit ratings! Doesn't look good in front of the judge ...

Reply by Lee/AR on 8/25/09 6:37pm
Msg #301639

Excuse me!? Betcha Bernie Madoff had a great FICO score.

Renee, I usually do agree with your assessments, but this is way wide of the 'adding to the professionalism' mark.

Reply by Dennis D Broadbooks on 8/25/09 9:04pm
Msg #301663

There Will Always Be Exceptions to the Rule...

...but one of the reasons P&C insurance companies are able to use credit scoring in their risk analysis is that it's been proven beyond a shadow of doubt there's a direct correlation in an insured's high credit score proving to be a better insurance risk.

Reply by MW/VA on 8/25/09 6:40pm
Msg #301640

Re: This was the standard for every employer I ever had

I would have no problem with that, because I have nothing to hide. What gets me is that the industry didn't require anything at all of mortgage brokers, including no licensing requirements until recently. They turned out to be the biggest crooks. I sometimes feel we notaries become the "scapegoats" of the industry. Do you think all employees of a tc have to meet these requirements? What requirements do ss have? We don't handle any funds--where is the issue?

Reply by ReneeK_MI on 8/25/09 6:43pm
Msg #301641

Re: This was the standard for every employer I ever had

But that's what I'm saying - yes, the T/C employees DO have to go through these hoops, and so do employees of the brokers and the lenders, so do the L.O.'s. I handle funds all the time, I pick up checks, I have them signed off on - I could totally skate, were I so inclinded.

SS's ... dunno 'bout those, they seem to fly under all the radars, but they are usually required to carry some major E&O, maybe their insurers and scoping them out? I really don't know.

Reply by MW/VA on 8/25/09 6:58pm
Msg #301644

Re: This was the standard for every employer I ever had

IMO they are required to go through the hoops because they are employees, and are under the company's liability insurance umbrella. We're not--we're Independent Contractors, required to carry our own E&O & business liability insurance. Why should we supply financial info to anyone who absolves themselves of liability for us because we are IC's?
To a point, I'm all for setting a high standard for anyone working in this industry. Try to remember that this is the pitch XYZ used to sell tc's on the idea of "certification & bgc".
I'd have to be very desperate & willing to commit a felony by attempting to cash a check made payable to the tc. I'm just a courier for a check that is nothing more than a piece of paper to me.

Reply by NCLisa on 8/26/09 1:11pm
Msg #301763

Re: This was the standard for every employer I ever had

Renee, Acutally it has been proven that people with low or bad credit aren't the ones that steal. It is the people that start out with good credit, keep buying things on credit, get behind, and then decided to steal to keep up with the lifestyle they are accustomed to that steal. Madoff was never poor, had a great credit score, and look how much he stole. Most employees that embezzle, are very well off to begin with.

Reply by Lee/AR on 8/25/09 6:34pm
Msg #301637

How stupid & inappropriate! n/m

Reply by bfd110_IN on 8/25/09 7:45pm
Msg #301651

The easiest thing to do is say...

say thanks but no thanks.....We are independent and we dont have to work for every company out there. Why stress. YOU make the choice who you work for. . They have their requirements to have a contractor work for them just as we have requirements for who we work for. There are plenty of companies out there.
Good lord this goes on with big companies all the time that hire contractors. Try to get into an ALCOA plant as a contractor.

Reply by jba/fl on 8/25/09 8:58pm
Msg #301661

This is risk management, loss prevention, etc.

If one has poor credit, one tends to be 'desperate', therefore, more willing to compromise values, etc.

It's not just the checks we handle or not, it is the information that is available to sell and/or utilize in unsavory manners. More and more, this is the way of big business. Many smaller companies are incorporating this into their plans as well.

As someone else stated, your choice to work for this company or not.

Reply by lindetteh_PA on 8/25/09 9:08pm
Msg #301666

Re: Question

How are they asking for the scores are they running your credit report or are they asking you to provide the score. This request is not so out of the question to me I guess because for most of the positons I've held my credit report was ran and the only way I knew was it showed up as an inquiry. I think our credit reports are run alot more than we may think.

Reply by MW/VA on 8/25/09 9:12pm
Msg #301669

Re: Question

That's why I subscribe to a service called "Identity Guard" through Costco. I get a notification every time there is any activity in my credit report, including inquiries. Inquiries can cost you points on your FICO score, and it's important not to have too many.

Reply by Lee/AR on 8/25/09 9:25pm
Msg #301671

So what do you think will happen to your FICO score when

every co. with whom you work or simply sign up with wants to make a hit on your credit report? Where's the transmitter we'll have to implant next so they can be sure we're where we're supposed to be...and on time, too?

Reply by MW/VA on 8/25/09 9:59pm
Msg #301683

Re: So what do you think will happen to your FICO score when

I might be way off on this one, but I think it's a violation of the Fair Credit Reporting Act if they do that without your authorization.

Reply by PAW on 8/26/09 9:28am
Msg #301718

Not a 10 point hit ...

Unsolicited and unauthorized inquires should not cause a hit on your score. A hit occurs when you authorize a credit report be provided. For more information, see http://www.debt-n-credit-letters.com/Report-Dispute/credit-inquiries.html

Reply by Rick Ary on 8/25/09 9:50pm
Msg #301677

Re: Question

If you have good credit it will help you, What is the debate. I think that if I were calling a stranger, I would at least call one with good credit. They know how to live in the USA. That is at least something compared to one's words.