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I'm not sure if this was always this way or just a recent trend, but I've heard that more and more employers are doing credit checks on people are part of the interview process. I guess the thinking is that if a person has bad credit, they're not as reliable. I don't entirely agree with that, but I can see how employers would draw that conclusion. Here's my question though. Suppose you lost your job, couldn't pay your mortgage and were forced to go into foreclosure. Your credit rating was ruined and now you're interviewing for jobs. You obviously need an income before you can rebuild your credit. But how do you get a job if your credit history is potentially being used against you? Luckily I'm not facing this situation. But I imagine many people out there are. What are they supposed to do, especially if the employer doesn't give them the benefit of the doubt or the chance to give their side of the story?
I just found out that when you apply to any Insurance Company or for a Credit Card, that a credit line check is run. Every time that is done you Lose "credit points" from your score. It is called a "hard hit"! How fair is that? I wouldn't call it a "hard hit", I would call it "bull ****". What is this world coming to?
Not sure why this is the new "norm". For me-it's irrelevant. All they'll see is that my mortgage is paid off-my credit cards too and closed out. I've not had a car loan in 19 years. So what would it show to them? I've no debt and it's paid off? Now if you've never made payments on time-and had things repossessed-then you need to re-look at your spending habits. But it never mattered before where you worked.
With all the people who are out of work, there is no shortage of people who are otherwise qualified to do the job. No, it's not right, but they could care less about your needs or problems. The only thing they care about is filling the position, and this is just one more way to narrow down the ever growing applicant pool.
Actually there was talk of a bill which would not allow the use of credit information for most employment decisions. I haven't heard anything lately so I don't know if it has passed or not.
Besides investment banking or accounting firms, I don't know of any jobs that adhere to checking ones credit. I work in legal and they do not check, but when I worked in banking they did. Their reasoning is if you are credit trouble, you may start to sale trading information that you come across.
Their reasoning is if you are credit trouble, you may start to sale trading information that you come across.
The risk isn't people who have bad credit. The risk is people who have good credit but are over-extended. The reason is because people who have bad credit typically don't care too much about their credit to steal because of it. They often live within their means paying cash. But people who are over extended with good credit are more likely to steal to protect their good credit and pay their bills.
The risk isn't people who have bad credit. The risk is people who have good credit but are over-extended. The reason is because people who have bad credit typically don't care too much about their credit to steal because of it. They often live within their means paying cash. But people who are over extended with good credit are more likely to steal to protect their good credit and pay their bills.
why would people with good credit more likely to steal? Many people who have high credit scores with over-extended credit pay off their balances every month and live within their means as well (no lates on their credit reports).
I think only certain industries/professional do credit checks
why would people with good credit more likely to steal? Many people who have high credit scores with over-extended credit pay off their balances every month and live within their means as well (no lates on their credit reports).
I think only certain industries/professional do credit checks
If they pay off their balance every month, they are not over-extended.
However, if they have their credit cards maxed out, and are only making the minimum payment (even if they aren't late), then they are over-extended.
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why would people with good credit more likely to steal? Many people who have high credit scores with over-extended credit pay off their balances every month and live within their means as well (no lates on their credit reports).
