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Personal question, have you ever had your credit dinged or ruined due to circumstances beyond your control? if not, then do you know someone very well that went through awful situations like I just described. Just curious if you think someone should go bankrupt due to costly health issues, which is not always the fault of the individual. Not all "bad" credit is the fault of an individual.
Cash is great to use but it doesn't work always well with all large purchases as a very obvious example.
Yes, when I was young and irresponsible, I had a hospital bill go to elections.
I do not think anyone should go bankrupt, ever. But that's a bit too idealistic.
Some really dumb people somehow obtain university-level degrees, so I have to disagree with you on that point to a "degree."
When we talk about a college degree, it can be assumed that we're talking about a top tier university. Not your typical 30%+ admission school.
That being said, if you look at a pool of degree holders and a pool of non-degree holders, you're going to find more intelligent people in the pool of degree holders. That doesn't mean that no one in the other pool is intelligent. Many of them are. But there's no need to waste time on a pool with significantly worse odds.
that's bs. in some states it's against the law to even run a credit check unless the job specifically entails handling or managing money/accounts. New York City law is very specific as of Dec. 2015. So it all depends where you are and what type of job you're applying for. Don't let these fear mongers get to you.
Unfortunately, there are dozens of ways to run credit reports, criminal background checks, medical history checks, travel pattern checks, social media posting checks, and pretty much anything else one can imagine. The days of privacy are long gone, killed by those who wanted a free and unencumbered internet along with the free exchange of that information free from regulatory control. There is very little a prospective employer can't get if they are willing to pay for it, and, there is even less you can do about it.
Personal finances are private and you do have a right to privacy. That is why you have to sign an authorization form for anyone to access your credit report and score. It is simply another cheap bigoted way to screen applicants coming from the HR unprofession which screens applicants by every criteria other than their qualifications to do the job. HR people are too dim witted and incompetent to make judgements based on merit.
It is illegal in some states including Illinois and will probably eventually made illegal in most states or federally. Hiring has in many cases turned into creepy employer stalking. Prospective employers have no right to your personal finances nor your salary history.
thank you. you are somebody who actually understands. I totally agree with all this.
who checks credit report? You aren't borrowing money from company
Most if not all of the Fortune 500 companies do if they plan to pay more than 16.00 hourly or 33,000 annually. Its just another way to prejudge you during the hiring process. Im not sure what scores are considered bad though.
Credit checks, along with salary history, are one of those things which should be illegal for an employer to ask for, it's violation of a person's privacy. There are many a horror story of parents who take out a line of credit with their kid's social security number and essentially destroy their children's credit. Even better if there is a medical problem which results in financial ruin. If you want to check up on an employee, call their previous place of employment. Did he/she steal money or equipment? Yes? No? Maybe?
Not really.....
I had an employee who had a not-so-stellar credit history when I hired him on. But because he did so well at the interview and passed his machinist test with flying colors I hired him. He told me he had gone bankrupt trying to take care of his kids medical needs. I went through something similar with my youngest son so I felt for him and took the bait.
About 3 months in, some of my other employees started complaining that tools were coming up missing from their boxes. Come to find out, this employee had been stealing them, taking them to a pawn shop down from his house and selling them. Then he took that money and bought new tools that couldn't be traced to them. A week or two after hearing about the tools missing, one of my employees mentioned that this employee told them that he went bankrupt because he went bankrupt because of attorney fees trying to keep him out of jail for theft.
We decided to check his toolbox and found a lot of shop tools locked inside of it with our engravings half ground off of them. He would cart out a few tools per week in a backpack that he normally carried with him. After that we terminated him.
The next day we found that the company mower, weed trimmer, backpack blower, and the owner's garden tiller were all missing from the shop.
Had we taken heed to that credit report we probably wouldn't have hired him.
And what about the many candidates that really do go bankrupt due to medical reasons? Our healthcare system is still a cluster F and it has become one of the top reasons people go bankrupt. Do we just lock them out of the labor market for committing the terrible crime of getting sick?
And what about the many candidates that really do go bankrupt due to medical reasons? Our healthcare system is still a cluster F and it has become one of the top reasons people go bankrupt. Do we just lock them out of the labor market for committing the terrible crime of getting sick?
As long as companies pay for health insurance and are mostly self-insured they have an incentive to avoid hiring people who are at risk of becoming ill.
This is one of the arguments in favor of Medicare for all.
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