Today's paper carried the story of the "resignation" of RadioShack CEO David Edmondson following the recent discovery that he had lied about his educational credentials on his resume. We hear about these incidents from time to time, when they involve high-profile people (coach at Notre Dame) or top executives at well-known companies. But the sad truth is that MANY people lie on their resumes. 
My theory on why they lie is that they feel insecure about some aspect of their background (often it's education). To them, their perceived lack is enormously obvious - an elephant, if you will, that they fear will completely disqualify them for the jobs they are seeking. Thus they try to disguise it (that's OK) or cover it up by falsifying credentials (that's not OK).
It's true that many recruiters and resume screeners will use "lack of education" (or lack of some other specifically stated qualification) as a screening-out tool. But if you're concerned about this possibility, consider these strategies:
• Don't rely on recruiters and ad responses as your primary job-search strategy. Use network connections and referrals to make contacts at your target companies; set up meetings to learn about the company's challenges and how you can help. In other words, be more than a "job applicant"; be a "business solution" with more than enough ROI to justify the company's investment.
• Be sure your resume, other marketing materials, and all of your marketing messages focus on what you have accomplished and what you're capable of doing. As an executive, you have a track record of 15, 25, or more years that has much more value than a degree you earned at age 22.
• Be confident in what you do have! Most people who lack confidence feel that their perceived shortcoming is screamingly obvious to everyone, because they themselves are so focused on it. Usually it's not that noticeable or is a small blip (rather than a large elephant). Lead with your strengths and be ready to discuss why you don't have a degree, if asked.
Lying on your resume can come back to haunt you - sometimes even many years down the road. Don't fall into that trap. Instead, reduce the issue from elephant-size to normal proportions and don't let it stall your search.