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Yeah, I can see why landlords might have a legitimate reason for wanting to look at credit reports. But I have difficulty thinking of few legitimate reasons why prospective employers would need it.
Simply all about security of industry secrets. Credit reports are very important in military clearance upgrades. As an employer, Id like to know if my perspective employee has had large deposits jus prior to going to work for me, when I have developed a new, less expensive method of using some sort of new equipment. Is the guy a plant to learn new technology? Is the guy financially strapped and taking the job so he can sell info? Think as an employer in an industry that is changing daily.
In the Military, we would suddenly see a E3 driving a new Lexus. Inventory of the secret safe would come up short and low and behold, the E3 would have deposits that didn't match paydays. The civilian world is even tougher yet and more prevelant in steeling industrial secrets. The pay is tremendous.
Last edited by ElkHunter; 11-29-2014 at 07:19 PM..
Yeah, I can see why landlords might have a legitimate reason for wanting to look at credit reports. But I have difficulty thinking of few legitimate reasons why prospective employers would need it.
It's just a branch of background checking.
As a prospective employee, it sux, but what reason does an employer have for knowing if the prospective employee has felonies on their record? I'm sure you can think of some.
It's just a way to see what kind of character the prospective employee or tenant has.
Of course, my moniker is something from me that indicates that background checks are not always accurate. Someone can steal your ID and you become a felon or a deadbeat and there is little you can do.
Simply all about security of industry secrets. Credit reports are very important in military clearance upgrades.
That part makes some sense, but employers are using it to ding people, not because they have suddenly become well-to-do, but because they have been impoverished.
That part makes some sense, but employers are using it to ding people, not because they have suddenly become well-to-do, but because they have been impoverished.
That's exactly the point. If they are impoverished, they are at risk and susceptible to being swayed into selling secrets.
The situation sucks because getting a job would fix the problem, but that is not how employers look at it.
While in the military, I saw peoples clearance downgraded due to credit reports. So now you have a person that missed a payment for whatever reason, clearance downgraded so he can no longer work at his job, so he gets reassigned to another command that may be on the other coast. Now he's saddled with moving expenses and relocating his family. Sad situation. Have even seen people discharged because. of it.
The overwhelming majority of jobs don't expose employees to trade secrets that would be worth buying and selling.
Every move you make on a job can be a trade secret. If you are shown a method of slapping chain on a bit, it could be something your company does and the next company could learn from. But that's not the point. Somebody asked about credit checks on employee's. As a former employer, I simply explained one reason. There are many.
Every move you make on a job can be a trade secret. If you are shown a method of slapping chain on a bit, it could be something your company does and the next company could learn from. But that's not the point. Somebody asked about credit checks on employee's. As a former employer, I simply explained one reason. There are many.
You haven't provided sufficient reasons to explain why businesses should be able to freely obtain this confidential information, when in the overwhelming majority of circumstances, it is completely unnecessary and further reinforces our nation's caste system. If this confidential and private information is of such great value to businesses, then perhaps a law should be passed requiring them to pay a non-waivable $500 fee to applicants who are going to be screened via credit report in exchange for divulging such confidential information.
Don't mind me, I'm just an anti-business commie-lib who fears corporate totalitarianism. (What the free market fanatics don't realize is that under laissez-faire capitalism people could lose freedom via economic coercion.)
It's gotten to the point where you cannot make sub sandwiches without having to sign a non-compete agreement, as though sandwich makers are well-compensated research engineers or sales portfolio managers:
You haven't provided sufficient reasons to explain why businesses should be able to freely obtain this confidential information, when in the overwhelming majority of circumstances, it is completely unnecessary and further reinforces our nation's caste system. If this confidential and private information is of such great value to businesses, then perhaps a law should be passed requiring them to pay a non-waivable $500 fee to applicants who are going to be screened via credit report in exchange for divulging such confidential information.
Don't mind me, I'm just an anti-business commie-lib who fears corporate totalitarianism. (What the free market fanatics don't realize is that under laissez-faire capitalism people could lose freedom via economic coercion.)
It's gotten to the point where you cannot make sub sandwiches without having to sign a non-compete agreement, as though sandwich makers are well-compensated research engineers or sales portfolio managers:
oh, I totally agree with you. I think it should be illegal. I mean, the reason you are looking for work is because you need money. Some folks more so than others.
Creditworthiness speaks volumes about who a person is. Think about this. A friend borrows someone you know $500 dollars and never returns it. Do you think this tells you something about who the person is?
Yup, I've bought a purposely trashed foreclosed home and I keep on getting pre approved credit card offers (as well as medical bills his family tries to dodge) in the name of a former creditworthy owner. Uncreditworthy me was denied a credit card by the very same company on the grounds of "no revolving credit". Go figure. I managed to survive without a credit score for almost two decades, it is possible. It is very "mechanical" number that doesn't reveal a squat if you know what strings to pull. Btw, it took my former wife less than 3 years (she's got 60k credit card debt discharged in a bancruptcy) to get a good, solid credit score landlords and credit companies like a lot, generally she has no issues renting, up to the point landlord sniffs single motherhood. Apparently, discrimination of single mothers is fairly common.
Last edited by RememberMee; 12-11-2014 at 09:15 PM..
Such a warm, HUMAN way to conduct ones self! That computer generated CREDIT REPORT should be the standard bearer of how we treat human beings, forevermore! I can't imagine how the world managed to rotate prior to the 1990s! Stay classy!
While that might not be ideal for you, your credit report IS a documented history of your past financial behavior. It is also a darn good predictor of future behavior. If you are not a credible person why should lenders trust extending credit to you, whether you are borrowing money or borrowing space?
An eviction is a HUGE red flag, and also a completely avoidable scenario. That a landlord had to take a tenant to court and likely still lost two or more months of rental income for that property is a huge problem. Why should other landlords trust that applicant? Having an eviction at any point in time simply increases the likelihood that it'll happen again (because that person has no further credibility to lose).
All that sob story nonsense is a big turn off for me (and many others). Bad choices beget bad choices. The old "I'm a single mother blah blah blah" mantra just screams of bad life choices, poor time/personal/financial management skills, and less than ideal behavior.
Sorry (not really) if that bothers you. Some people choose to learn the hard way (or never learn at all). Others among us instead learn from other people's choices, whether positive or negative because we are able to take choice/action 'A' and connect it with outcome 'B'. Some people, it appears, have a hard time doing this.
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