Will bad credit history bar you from working for a bank? (income, employment)
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It very much can. The thought process as explained to me by someone who was a hiring manager at a bank is that people with bad credit, is bad with managing money, have a tendancy to get into money cruch problems, and thereby have a higher chance of theft.
For how long do they have a higher chance of theft? I have had trashed credit more than 10 years - with NO intervening credit activity - and have not stolen anything yet. Is my theft risk the same today as it was 10 years ago? How is that measured?
I used to work at a bank, a long time ago. even before everyone was checking credit they did. You have to be bonded and if you have bad credit you are more of a risk and less likely to be able to be bonded these days. If there are 1 or 2 issues that recently put you in this situation though you might be able to work around it. (like a medical emergency) I know years ago when I worked at first union there were a couple of people with that situation. I also had to sign a paper stating they could periodically check my credit.
What if you have two big issues (judgments) 10-15 years ago and no credit activity since then?
is there any way that you can pay off some of those old debts? call up whomever has them, smallest one first, then next largest, and offer cash payment of 20c on the $. they'll take it. get it in in WRITING, with somebody's signature on it, and make certain that in WRITING they SHALL (get that word "shall" in the agreement) report the cancellation of the debt to ALL THREE credit reporting agencys NOT just one. Doing this will raise your score dramatically,, but it can take 90 days to do so.
For how long do they have a higher chance of theft? I have had trashed credit more than 10 years - with NO intervening credit activity - and have not stolen anything yet. Is my theft risk the same today as it was 10 years ago? How is that measured?
by your credit score and group association. they do not care to sift through who is naughty or nice in that group , if by credit score you are in the low score group , tag your it. it is easier to just move on to a higher scored individual.
I have seen job ads for various banking and credit union positions, and even in cases where one would have no access to money (ie., Marketing dept), the ad clearly stated that anyone applying would have to pass a credit check.
Yes, definitely. At the bank where I worked, many potential hires were eliminated for this reason.
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