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Intentions aside, it's a good tool to help companies gain more insight into a person and how they handle responsibility.
It's in a company's best interest to use any tool available to gather as much information as they can on an applicant before offering them a job. There's a big cost associated with hiring and firing an employee, so it's wise from a business standpoint to do as much of the leg work up front if they can.
Then they should be using more than a credit report. Let all of your records be available....medical, family history, driving, your kids records, spouse's background, etc. If the mentality is that employers should be to use anything to find the best candidate, then let them use anything they want. Don't just stop at a credit report....that can be misleading and not tell the whole story. Let the employer know everything possible about you so they can really choose the best candidate. No need to use just a credit score. After all, you want to make sure they pick the very best candidate, right?
You do realize you referred to the very same thread we are posting in, don't you? Reading this thread all I will learn is that folks like you have been brainwashed by the credit reporting industry.
You do realize you referred to the very same thread we are posting in, don't you? Reading this thread all I will learn is that folks like you have been brainwashed by the credit reporting industry.
Yes, I linked to this thread because apparently you haven't read it. Do you really think that it's just coincidence that the OP has bad credit and poor decision making skills? Even after she admitted that her poor credit was due to poor decisions she made?
You're quite misguided if you don't believe empirical evidence that has been brought up in this thread. The reality is that someone who repeatedly makes poor decisions, is bound to do the same elsewhere. Behavioral traits transcend various contexts.
The most important point, is that, statistically, people with poor credit, are likely to make decisions that impact the organization.
Yes, I linked to this thread because apparently you haven't read it. Do you really think that it's just coincidence that the OP has bad credit and poor decision making skills? Even after she admitted that her poor credit was due to poor decisions she made?
You're quite misguided if you don't believe empirical evidence that has been brought up in this thread. The reality is that someone who repeatedly makes poor decisions, is bound to do the same elsewhere. Behavioral traits transcend various contexts.
The most important point, is that, statistically, people with poor credit, are likely to make decisions that impact the organization.
Here we go again.
Please provide a link to these so-called statistics.
Even if the OP is a person who has poor credit and has made poor decisions ( and I am by no means saying that's the case), one person is not representative of any group.
There is currently something in the range of 9 or 10 states that ban or limit the use of credit reports in the hiring process, and the number is growing. There has also been legislation proposed on the federal level to do the same, and it's probably going to pass some day (but probably not any time soon, I grant you). The reason this is happening is that there is no evidence that credit reports have relevance, and the statistics you and others cite don't really exist.
Everyone should have money saved up for a rainy day. If you live paycheck to paycheck you are living above your means. I too have been laid off. But I had money in the bank to pay my bills until I found employment.
And maybe I should have been more clear on the mental stability comment. What I mean by that is that someone who is bankrupt could be in a state of depression (bankruptcy takes a while to happen and I would imagine a normal person would be stressed to no end before hand) or a state of panic, which means they may not be the most sound person at the moment to handle money.
??? People at poverty level or with minimum wage jobs should have money saved for a rainy day? How exactly would that work?
So basically, you would rather keep someone UNEMPLOYED, allowing their credit to slide further down, eating up your tax payers money through welfare, than LET THEM WORK and pay for they stuff? That's a much better analogy!
Shameful.
Employers, like investors, are generally risk-averse, and are happy to reject undertaking risk even if that costs taxpayers money.
Specifically, I look for BAD credit... Bankruptcy, Charge Offs, Collections, Evictions and Judgements.
It is very possible for a person to have no credit or a slim credit file especially if young... it's not a problem.
So if I'm living on a poverty-level income and can't pay off 10-year-old judgments (which followed an abrupt, total and extended loss of income), I should just forget about getting hired or finding an affordable place to live...thereby pretty much ensuring I'll never be able to pay them off.
I have had no new (original) credit activity in over 10 years but it's still on my credit report.
No. They are a result of a failure to provide payment for medical bills, not for having medical issues. Nonpayment is nonpayment regardless of who you owe or why you owe them. All hospitals will work out a payment plan with patients who can't afford their bills, so there's no excuse for not paying up.
What kind of payment plan can someone at poverty level get?
I'm more concerned about not being able to do medical history checks. This day in age, employers should be able to do so.
BIG class issues there especially pre-Obamacare.
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