Much of America is unemployed. I am not just speaking about young, untrained individuals, who have never been out in the workplace. I am more directing you to that solid group of middle-aged people who have been let go in the past two years from jobs they thought they would have for life. Many of these people were highly paid, highly skilled operatives who fell victim to store closings, plant closing and the like. These were people with 700+ FICO scores, who got the best mortgage rates and the best credit card rates, as well.
The job contraction has hit this group hard. I call your attention to the extremely well-written series authored by Brenda Krueger Huffman for Axcess News (http://axcessnews.com/index.php/articles/show/id/21264; use the same link and change the numbers to 21266,21267 and 21271 for the remaining three articles). In her series, Brenda Huffman chronicles the difficulty out of work people, whose FICO scores have plummeted because they are out of work, are having obtaining jobs that they are qualified for, because their FICO scores have dropped so severely.
I, personally, am at a loss to understand why having a low FICO score would affect your job performance, especially if the diminished score was a function of a person's being unemployed. This seems like the world's worst "Catch 22", and Ms Huffman's articles idenitfy the real trauma in the lives of people being ruined because of their inability to reverse the cycle of their own poverty.
I would urge each of you to read Ms. Huffman's articles and take action. Tell your elected representatives that the current use of FICO to block people's re-entry into the job market is counterproductive and unfair. Thanks!!
Comments(12)