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Old 03-01-2013, 09:46 PM
 
8 posts, read 99,117 times
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I just passed the interview phase for a contract job with a financial investments company in their technology department as a software engineer. They are running a background check, my criminal history is clean as a whistle but am more worried about my credit history. Let's just say, it's less than stellar. My credit score is low, unfortunately since 2009 I was laid of twice and it really impacted my credit. So does a background check include credit pull and if so can they decide not to hire me even though I not handling money? I'm really nervous, this is an opportunity of a lifetime.
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Old 03-01-2013, 09:52 PM
 
400 posts, read 1,458,713 times
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yes. definitely in the financial services industry. i know someone who couldn't get promoted due to a bankruptcy (wasn't fired but wasn't able to work in the investments side of the business). also all financial services companies require you to get fingerprinted. financial services typically has some of the deepest background checks of all industries. good luck.
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Old 03-01-2013, 09:54 PM
 
8 posts, read 99,117 times
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Ugh, totally sucks! I was offered the job pending background check. It's a hedge fund company, not regulated by SEC not sure if that makes a difference. Will be totally crushed if I don't get it.
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Old 03-01-2013, 09:57 PM
 
400 posts, read 1,458,713 times
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Quote:
Originally Posted by geekchick25 View Post
Ugh, totally sucks! I was offered the job pending background check. It's a hedge fund company, not regulated by SEC not sure if that makes a difference. Will be totally crushed if I don't get it.
too soon to get discouraged. have you pulled your credit report? it may be better than you think especially if most of your problems were in 2009. thats 4 years ago. just wait to see what they say. don't worry yet...
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Old 03-01-2013, 09:59 PM
 
8 posts, read 99,117 times
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Ok, thanks for the boost of confidence. I pulled it a few days ago, it's still not good. Laid off twice since 2009.
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Old 03-02-2013, 06:35 PM
 
1,263 posts, read 3,137,060 times
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I'm sorry you're worried, and I hope they make an exception for you. FYI, there are two reasons credit checks are important in financial services employment:

1) Bond/insurance policies - most firms are required to have insurance on employees in case the employee commits fraud. The companies providing the bonds or insurance policies care very much about the hiring standards of the firm, including credit checks and criminal background checks. People in financial distress are statistically more likely to commit fraud out of desperation.

2) People with bad credit or oversized debts are more likely to do something financially sketchy, which can embarrass the firm and cause loss of confidence. If an employee declares bankruptcy or gets caught gambling illegally, it might make customers think, "What kind of people are giving me financial advice?!" Some firms even pressure executives to drive expensive cars to work so they look flush with cash (which I think is revolting).

One employee at my bank had been honest and dependable for decades (at prior jobs) before she suddenly stole thousands. Turns out she was in massive debt, which would have shown up on a credit check. The bank regretted hiring her but they hadn't been doing credit checks for her position at the time.

I hope you get the job! :-)
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Old 08-27-2013, 10:34 PM
 
19 posts, read 73,556 times
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Sorry to bump up an old thread but I thought I'd chime in here with my experience:

I went through a divorce 4 years ago and during which I placed a security freeze on all three of my credit reports, meaning that no one can pull my report without me lifting the freezes first. Since then, I've had two jobs that ran background checks....I was never asked to remove the freezes by them, so either a) they didn't check my credit at all, or b) they were blocked from my reports by the freezes and decided it wasn't worth asking to have them lifted.
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Old 08-28-2013, 03:31 AM
 
Location: Las Vegas, NV
553 posts, read 1,156,435 times
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Before a prospective employer can check an applicant's credit history, federal law requires that the prospective employer obtain your consent. State laws may offer applicants even more protection. here is a pretty good summary of federal law rights. Of course, if you refuse to consent, that will be sufficient reason for an employer to reject you, but at least you should know for sure whether your credit history is playing a part when your background is being checked.
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Old 04-22-2015, 01:08 PM
 
457 posts, read 600,593 times
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Quote:
Originally Posted by BasicUsername View Post
Sorry to bump up an old thread but I thought I'd chime in here with my experience:

I went through a divorce 4 years ago and during which I placed a security freeze on all three of my credit reports, meaning that no one can pull my report without me lifting the freezes first. Since then, I've had two jobs that ran background checks....I was never asked to remove the freezes by them, so either a) they didn't check my credit at all, or b) they were blocked from my reports by the freezes and decided it wasn't worth asking to have them lifted.

How did you get all three of them to let you do this? I've tried and the only one which let me even DO it, online, was TransUnion. The other two for some reason denied me access to my own damn records online and that usual screen came up where they want me to send stuff in the mail like pay stubs and phone bills and all that rubbish.

Problem is, TransUnion isn't the worst offender when it comes to having things on my credit report that aren't even ME and reporting all of THAT to anyone wanting to "check me out."

Experian even denied both my debit cards in both attempts to pay the $5.00 fee on their Online form.

WTF???
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Old 04-22-2015, 01:14 PM
 
457 posts, read 600,593 times
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Quote:
Originally Posted by Coco6163 View Post
Before a prospective employer can check an applicant's credit history, federal law requires that the prospective employer obtain your consent. State laws may offer applicants even more protection. here is a pretty good summary of federal law rights. Of course, if you refuse to consent, that will be sufficient reason for an employer to reject you, but at least you should know for sure whether your credit history is playing a part when your background is being checked.
Of course, if you refuse to consent, KNOWING that any time your credit report gets pulled you WILL get denied whatever it is you applied for, that sort of makes job-searching all but impossible, except in certain professions that just, across the board, DON'T check people's credit. Professions where you deal with people and not anyone else's money or confidential information.

You resort to looking for states where anti-credit-checking-in-employment laws are strictly enforced, to try to live in. Which is NONE of them. "On the books" doesn't count in most states. Employers either "get around" what's on the law books or they just ********* over anyway and take their chances that you won't or can't sue.

I only sue when the job is worth all that time and effort and all those trips to the courthouse to file the damn paperwork.
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