Can Bad Credit Cost You a Job?


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This segment of Credit FYI is brought to you by

You know, we live in tough economic times, and getting a job these days is even more challenging. Employers are becoming a lot more careful about the people that they're hiring. So here's the question. Can bad credit prevent you from getting a job? The answer is yes. A recent survey of human resource managers disclosed that 60 percent of human resource managers are using credit checks are part of the hiring process. You may ask, "Why are they doing this?" Well, they're doing it for a couple of reasons. First of all, they want to see how responsible a potential employee may be. Hey, if you can't manage your own finances, what kind of impact are you going to have on an organization? The other thing that they're checking is your debt, because if you're in debt, you have a lot of debt, there's concern that you might steal from the company, steal intellectual property – those sorts of things become a concern for a potential employer. There's much debate about employers being able to check a candidates credit, but the fact of the matter is, in most states companies are allowed to check your credit report and your credit scores with your consent. But what if you don't give consent? Companies may hold that against you; they may think that you're trying to hide something. So be careful when you go out to find a new job. Make sure you've been proactive in checking your credit reports and checking your credit scores. The bottom line from Credit FYI: know your score before applying for a job.

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Duration: 2 minutes


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