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I wouldn't get too upset about it. Very few times will your credit effect your employment opportunities. Unless you're applying for a job that requires some form of security clearance or rather high management position you have very little to worry about.
Secondly, there have been numerous studies done on the subject and there has been no solid correlation between a person's credit report and how reliable of an employee they will be. Most employers realize this now and I see the trend starting to go the other way now.
and then they just won't hire you because they can't verify your credit. especially in this economy.
did you actually read your link?
Not surprisingly, after fighting with Congress for four years against allowing for consumer freezes, the bureaus have made it difficult, requiring the mailing of certified letters, utility bills, different kinds of personal information, and charging fees. Also, if you want to take out a new line of credit, you'll have to pay to unfreeze your report, and then again to refreeze it.
and then they just won't hire you because they can't verify your credit. especially in this economy.
did you actually read your link?
Not surprisingly, after fighting with Congress for four years against allowing for consumer freezes, the bureaus have made it difficult, requiring the mailing of certified letters, utility bills, different kinds of personal information, and charging fees. Also, if you want to take out a new line of credit, you'll have to pay to unfreeze your report, and then again to refreeze it.
Actually they can pull the credit. Freezing your credit doesn't mean no one can look at it, it means that new credit can't be established in your name without positive verification that the person applying for credit is actually you, which is done via a PIN or in some cases government issued photo ID.
"bentlebee, every workplace has items that could be stolen and sold if a person were so inclined. What you're saying is that a person with bad credit shouldn't be hired because they might steal property... how in the world would they ever get a job then? You're guaranteeing that they'll drown in debt at that point! The amount of people who can't pay their debt due to personal negligence is much much less than those in debt due to the failure of a business, divorce, illness, or the loss of a job!"
Says who?
There are all kinds of statements on this thread presented as fact that I'm pretty sure are in actuality a rollicking ball of BS.
"Act now?" OK and do what?
This is the weirdest thread. There is all this angst based on generalizations and outright falsehoods and just a few voices of reason. What is the deal?
I think it's already been mentioned, but you do know that for the most part, no one can "pull your credit" unless you expressly authorize it, right? It's part of a federal law, I believe. Employers don't bother to take that step until they already know they are going to hire you. Employers don't know they are going to hire you just from screening a resume. Do they? That can't be the norm.
IMO the whole credit score thing is a joke...it should be if you pay your bills on time you have a good score, if not a bad score...
I disagree. Someone that has maxed out every credit card they have, even if they are making the payments, is a credit risk. The payments they are making couple be minimum each month, and the addition of new debt could be the one-eyed jack that topples the house of cards. Credit scores identify this type of scenario to lenders, and is very useful in determining whether to extend additional credit or not.
Sure these people you mentioned were caught stealing, but what does that have to do with their credit score. The thieves you mentioned, do you know their FICO score or are you guessing that they were in debt?
Uh, let's see, I had to do payroll when the regular payroll clerk was out. That means I saw the garnishments stacked up. They were in debt.
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bentlebee, every workplace has items that could be stolen and sold if a person were so inclined. What you're saying is that a person with bad credit shouldn't be hired because they might steal property... how in the world would they ever get a job then? You're guaranteeing that they'll drown in debt at that point! The amount of people who can't pay their debt due to personal negligence is much much less than those in debt due to the failure of a business, divorce, illness, or the loss of a job!
Wrong again grasshopper. I was a bankruptcy paralegal for about two years until I got disgusted with people who were working the system to live large and not pay their bills. One in 25 had fallen on hard times through no fault of their own.
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If your business fails, you get divorced, you or your spouse becomes ill, or if you go for an extended period without a job and you can't pay your bills, that does NOT increase your penchant for crime. That's ridiculous and unfair to those who are in financial dire straits due to things beyond their control!
I have real life expreiences that says this is incorrect.
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You'd be giving financial companies the power to say, "If you don't pay us we could do ALMOST as much damage to your life as a criminal record... Pay me now... OR ELSE" Ever hear of "Debtors Prison?"
Once again, I say a tool for lending money should NOT be used to determine a persons character! If that were the case judges would use it as a determining factor for sentencing if a person were arrested for theft.
In some cases that's exactly what it is, and it's too bad that people can't go to jail for what amounts to fraud--credit they never inteded to repay.
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Things like this only give banks and financial institutions more leverage over our daily lives. It will make it easier for them to control you and get more money from you.
How so? If you don't spend money you don't have, and don't borrow money you can't afford to pay back, don't bounce checks pay your debts as you agreed when you incurred them, what's the problem?
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It's disturbing to hear people being led like sheep by banks regarding things like this. People like the woman being interviewed in the news video, Suzy Orman, and the like... you know they're paid shills from companies, right? Suzy Orman gets money from the people who invented the FICO score! I'm not saying discredit their advice, but look deeper at what they're saying or not saying... they always sing the song, "Sure, assume some debt! Be good and pay those bills, now. Keep doing it, and everything will be sunny. Soon you'll be rich! If you don't pay I'll ridicule you and you'll be poor and unemployed because you let the banks down. Bad consumer!"
People who take on debt for items like mortgages and sometimes car loans and student loans are smart. People who charge up their annual salary in credit card debt are just stupid and will reap what they sow. Leveraging assets is a good way to grow personal wealth, and this sometimes means incurring debt--but you need to have some common sense about it.
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Placing such high esteem on money, personal wealth, and finance is exactly what's wrong with our society. The mindset to allow banks to place a value on you as a human based on your finances, and possessions is... Insanity.
No, it's simply good business practice. If you don't like it, never borrow money to buy a home, cash your paycheck at Amscott, and keep your money in a mattress.
That's my point, and apparently other people are starting to see it too since the trend is going away from pre-employment credit checks. There is simply no verifiable link between a person's credit worthiness and what type of employee they will be.
Uh, let's see, I had to do payroll when the regular payroll clerk was out. That means I saw the garnishments stacked up. They were in debt.
You saw garnishments but did it state wether or not it was from divorce, accident payments, income tax... what? Did it state what the garnishment was for or what the debt was? The biggest hole in your argument is that you believe that those in excessive bebt are all deadbeats who don't want to pay bills. That's simply not true. You'll see that in my next statement...
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Originally Posted by annerk
Wrong again grasshopper. I was a bankruptcy paralegal for about two years until I got disgusted with people who were working the system to live large and not pay their bills. One in 25 had fallen on hard times through no fault of their own.
OK Grasshopper. I'll let you (the 2 year bankruptcy paralegal) duke it out with Harvard researchers then...
That pretty much puts an end to your argument that MOST people with bad credit are just deadbeats trying to milk the system... actually they're a small portion of those who default. Those numbers don't even account for bankruptcies due to divorce, spousal death, accidents, business failures... Do you see what I'm saying? So, just think of those who would be punished by having credit scores determine job eligibility.
You never even bothered to address my statement of the dead ended trap that widespread employment credit checks would create...
Lose job, no income... fall behind on bills... ruined credit... look for job... get turned away due to bad credit... THEN WHAT?
People like you are like... Oh well! Better you than me! Maybe you shouldn't be a deadbeat!
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Originally Posted by annerk
In some cases that's exactly what it is, and it's too bad that people can't go to jail for what amounts to fraud--credit they never inteded to repay.
So the bulk of your position means that you're going to lump irresponsible borrowers with people who suffer from excessive debt due to illness? For your other statements refer to the article. The majority of people with bad credit aren't irresponsible spenders.
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Originally Posted by annerk
How so? If you don't spend money you don't have, and don't borrow money you can't afford to pay back, don't bounce checks pay your debts as you agreed when you incurred them, what's the problem?
Once again, you seem to think that people with bad credit are all just the scum of the earth living off of human kindness...
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Originally Posted by annerk
People who take on debt for items like mortgages and sometimes car loans and student loans are smart. People who charge up their annual salary in credit card debt are just stupid and will reap what they sow. Leveraging assets is a good way to grow personal wealth, and this sometimes means incurring debt--but you need to have some common sense about it.
Hmmm... how about promoting responsible saving? You're buying into the idea that you have to borrow money to make it... very bad idea.
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Originally Posted by annerk
No, it's simply good business practice. If you don't like it, never borrow money to buy a home, cash your paycheck at Amscott, and keep your money in a mattress.
The fault of your thinking is that everything is about "business" and "posessions"... In the meantime our country is drenched in debt, and people continue to think it's only the financial degenerates who are causing the problems. More and more people are going under financially from divorce, illness, unemployment, and family deaths, while others cry out that the victims simply spent too much. Little do they realize that the majority of Americans who chased the "Dream" and bought into the idea of leveraging their assets and borrowing to make money were primed for a trap that was being laid by those who stood to profit from their missteps (I won't even get into when personal bankruptcy laws changed with the Bankruptcy Abuse Prevention Act of 2004). It really disturbs me to no end that you'd let a financial institution assign a persons value as a HUMAN BEING. That's what I'm getting at. A financial tool has no place determining a persons "hire-ability".
[Side Note to an earlier post] Back to what I said about the extremely wealthy and FICO scores... A good friend of mine worked for AMEX and dealt with some of their top tier accounts on the regular basis. I'm not BS'ing you.
Everyone is prepared to blame the regular guy and make him/her suffer... instead of the institutions that hide behind pages of microscopic legal fine print. No one gets mad about credit default swaps, bankruptcy restructuring rules that screws the little guy while people like Donald Trump do it every 7 years like clockwork yet somehow keep living the high life, ARMs, preditory lending, etc., etc. etc. I'm not saying that all banks are evil, and financial institutions are all corrupt... What I am saying is that they will f*** you any chance they get and we need to be vigilant.
Like I said, hear me now and believe me later... As a whole financial institutions are going to screw us badly. When we let things like FICO scores define our lives and come into play regarding our careers, as long as we let banks and financial institutions dupe us into legal snare traps, we are going to have to kiss the life we knew at the top of the financial food chain Goodbye.
Yep... Guess I'm just a fool who doesn't know what he's talking about.
And to the person who acted like I was a dumb ass for saying "Act now" It means get politically active and don't fall for the tricks and traps. Speak out, talk to your friends about it, talk to someone who knows, do research on your own.... do something!
And Annerk... I in no way meant to disrespect you. I apologize if I came off that way somewhere in my little rant..
Last edited by DustyButt; 07-12-2009 at 07:24 PM..
You saw garnishments but did it state wether or not it was from divorce, accident payments, income tax... what? Did it state what the garnishment was for or what the debt was? The biggest hole in your argument is that you believe that those in excessive bebt are all deadbeats who don't want to pay bills. That's simply not true. You'll see that in my next statement...
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No, I believe that MOST are deadbeats. There are certainly some people out tehre that get kicked down no matter what they do--but they are few and far between. The garnishments were not child/spousal support--those are indicated as such on the payroll. Income tax levies are payiable directly to the IRS, they were not that either.
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OK Grasshopper. I'll let you duke it out with Harvard researchers then...
These were not medical related either. And I mentioned earlier about medical collections. Generally speaking medical bills don't go to judgement/garnishment if the person is making good faith efforts to pay them.
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So the bulk of your position means that you're going to lump irresponsible borrowers with people who suffer from excessive debt due to illness? For your other statements refer to the article. The majority of people with bad credit aren't irresponsible spenders.
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Not at all, I made that clear in my original post--although I wouldn't want someone with excessive debts for any reason handling cash or the books for my business. I would hire someone with excessive medical debts for other jobs though.
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Once again, you seem to think that irresponsible borrowers are the sole source of our debt problem...
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I've seen far too many young adults with the "I'm healthy, I don't need medical insurance rack up $40K in debt after doing one of those stupid things that young people do and needing surgery to repair a compound fracture that also fall into the medical debt pile. Yes, they did cause their own problem, and yes they did prove themselves irresponsible. We had five of them at my last job that tried to get us to add them onto the insurance after the fact. For sure there are some people who have had huge medical bills that insurance didn't cover, or for whatever reason through no fault of their own didn't have insurance, but there are too many who chose the expensive pick up truck with dualies or their two packs a day habit over insurance, it's made me more than a bit jaded.
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Hmmm... how about promoting responsible saving? You're buying into the idea that you have to borrow money to make it... very bad idea.
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You're wrong. Here's how I'm making money on borrowed money right now. I took a $25K cash advance from a credit card at 0% and a $175 fee. I put that money in a high interest rate FDIC insured CD. It matures before the credit card interest rate goes up. I'll end up making about $700 for doing nothing. Of course this is not for everyone, and you've got to be disciplined to not spend that moeny. I have cash savings of five years living expenses in FDIC insured laddered CD's without touching retirement money. I have no debt except my mortgage--I do not consider that credit card debt, as "debt" because the money is there to pay it back. I don't need your money management advice, thanks.
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The fault of your thinking is that everything is about "business" and "posessions"... In the meantime out country is drenched in debt, and people continue to think it's only the financial degenerates who are causing the problems. More and more people are going under financially from divorce, illness, unemployment, and family deaths, while others cry out that the victims simply spent too much. Little do they realize that the majority of Americans who chased the "Dream" and bought into the idea of leveraging their assets and borrowing to make money were primed for a trap that was being laid by those who stood to profit from their missteps. It really disturbs me to no end that you'd let a financial institution assign a persons value as a HUMAN BEING. That's what I'm getting at. A financial tool has no place determining a persons "hire-ability".
It's called personal responsibility and it's unfortunate that more people dont' subscribe to it. Nobody forced anyone to borrow or spend money they couldn't afford to repay. And like I said before, a person with financial problems is not someone I'd want handling cash or bookkeeping for my company. Other positions, maybe. But nothing that they could stick their hand in the cookie jar. My opinion based on my personal expereience with people who lived large and then stole to continue living large.
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[Side Note to an earlier post] Back to what I said about the extremely wealthy and FICO scores... A good friend of mine worked for AMEX and dealt with some of their top tier accounts on the regular basis. I'm not BS'ing you.
You obviously are only getting half the story.
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Everyone is prepared to blame the regular guy instead of the institutions that hide behind pages of microscopic legal fine print.
OK. I pay my bills, I don't bounce checks, I don't carry a balance on my credit cards, I give my bank no reason to "steal" from me.
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Like I said, hear me now and believe me later... As a whole financial institutions are going to screw us badly. When we let things like FICO scores define our lives and come into play regarding our careers, as long as we let banks and financial institutions dupe us into legal snare traps, we are going to have to kiss the life we knew at the top of the financial food chain Goodbye.
I see no dupe and no trap. NOBODY made anybody sign bad checks, spend money they didn't have, or borrow money they couldn't repay. The exception is some people with medical bills--but even soms of those made poor decisions that caused them to have those bills to begin with.
My son got laid off and paid $300 out of pocket for health insurance each month. His friend got laid off at the same time and spent his money buying computer games and Mountian Dew instead. When his friend broke his hand, he ended up with $40K in medical bills. And I'm supposed to feel sorry for him because he chose the irresponsible route?
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For sure there are some people who have had huge medical bills that insurance didn't cover, or for whatever reason through no fault of their own didn't have insurance, but there are too many who chose the expensive pick up truck with dualies or their two packs a day habit over insurance, it's made me more than a bit jaded.
