Credit Score Job
Why is credit score used in job application process
Over the past decade we have witnessed drastic changes to how human resources departments manage the recruitment process. If you look at how easy hiring was some 20 years ago the difference appears to be even greater. Back in the days in order to get a low level job candidate had to exhibit motivation and possibly some relevant experience, while executive jobs were mostly about experience and, let's face it, social connections. Today, the human resource officer has the ability to not only learn the academic and work story of your life from increasingly detailed resume and interview, but also much about your social life – courtesy of the most popular social portal – and financial standing in the form of credit report.
Experiments
There have been many attempts to make recruitment more accurate and some of us have already took part in the ‘emotional intelligence' tests as those emerged, but checking candidate's credit score in order to verify financial responsibility is relatively new outside of the financial sector. Someone could argue that people who cannot manage their own budget will most likely fail at commanding the funds of a company they work for, but why check credit report of an IT operative? Do I really need to find my credit score if there's nothing in my job to do with money?
Checking for identity fraud
The other reason why credit score checks have been on the rise is the fact that terrorism has changed our approach to life. You must have heard reports in the news about terrorists infiltrating societies under false identity only to strike when we expect it the least. Credit report lays bare your deeds over the past few years and is extremely helpful in establishing whether someone is committing an identity fraud. If you think about from this perspective, then the extra effort is worth security it provides in the long run.
What if your credit score is really bad?
In case your credit report is really poor I have bad news for you – it's unlikely that employer will consider your application favourably. It's especially hurtful when you look for a job because of a bad financial situation which turns your score bad, but can't find it due to the very fact that your score is bad and it all turn into a perfectly vicious circle. In case of all things to do with credit score – it's better to prevent rather than repair and this is no exemption. Pay your bills on time and mind the deadline for mortgage repayments and check your score every few months to make sure everything is fine.
About the Author
It's important to regularily check your credit score in order to secure yourself against any future emergencies. http://www.whatismycreditscore.eu is the perfect starting place to learn the significance of credit reporting.
Is a credit score really that important in finding a job?
Why is something like this important? How can one expect to rebuild their score and pay off debt if they cannot obtain a job, regardless of how much talent and skills they have?
It totally depends on the job. If you are looking for a job that deals with large volumes of cash or has access to bank accounts and checks...then it does matter to many employers.
My last job, I had applied to be the payroll administrator. I was hired for the position and then received a call a couple of days prior to my start date asking if I was willing to take another accounting position instead. I ofcourse said yes, not knowing why.
Months later the payroll clerk gave her notice and I told my director I was interested in the job as it paid a higher wage and was what I had applied for originally. She told me the reason why I did not get the job the first time (low credit score) and that unless it had changed that I would not be able to get it again. She also explained to me that I would have to bring up my credit score in order to advance to a management position as it is a requirement because all have access to accounts and cash.
Totally depressing considering my credit issues were due to things far beyond my control, not due to being irresponsible. It is the way it is.
As long as you are not looking for a position in finance, banking, accounting or heavy cash handleing...I think you should be ok.
****ALSO****SCAM ALERT***** If you apply for a job online and they tell you that you need to do a credit report prior to ever meeting them (interviewing) then is IS A SCAM! No one would need to run your credit unless they have interviewed you, have a fully filled out and signed application, a signed credit check authorization and have offered you a position. If these things have not happened it is most likely a scam!
Credit Score Job
A bad credit score can cost you a good job
Need to fix a bad credit score?
New reports out show that about 43-million of Americans have a credit rating so poor that getting a loan is much more difficult, and when they do much more expensive.
"It can affect your borrowing costs, the amount you'll pay to finance cars or homes or, certainly credit card rates," notes Morningstar Financial's Christine Benz.
A bad credit score can even affect your ability to get a job.
"Some employers actually check up on credit ratings when they're hiring," Benz says. "So, it can actually affect your future employment history as well."
Personal finance advisors are busy these days doling out advice on how to raise your credit rating and shed the reputation of a being credit risk.
Credit cards are usually where they begin, because that's usually where poor credit is born.
"If you have a credit card with a $10,000 credit limit and you have $5,000 in debt on there, that's not going to look good," says personal finance consultant Bob Sullivan.
Advisors say getting credit card debt below 20-percent of maximum limit should be a priority.
"Do that to all your credit cards, march through them one at a time and that's the best way for you to quickly raise your credit score," advises Sullivan.
AnnualCreditReport.com is one place to get a history of your credit, but you'll have to pay to see your credit rating.
Contrary to what you see on some tv commercials there is no way to get your credit score free of charge.
Need to fix a bad credit score?
About the Author
Free Tips to Check and Improve Your Credit Score
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