Will bad credit hurt my new job?
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I’m looking into a new job, and I’m afraid that I wont get it because I have bad credit. I can’t see why my financial status matter for a job application.
Employers do check credit reports
Increasingly common and somewhat controversial practice is taking place as employers check the credit of prospective new employees.
The argument for doing this is that employers believe they can use credit history to determine new employees’ trustworthiness and dependability.
The answer to your question depends on two factors:
- What type of job your looking into. If your job application is related to finance, than there is a good chance that your credit report will effect whether to employ you or not.
- What exactly are the bad items on your credit report. A few late payments probably won’t make a difference. Bankruptcies or judgments against you, on the other hand, will.
Clearly, there are situations where a bad credit history may be due to something completely out of an individual’s control, but this is still something to keep in mind.
remember that potential employers need your written consent to access your credit report, and they receive a censored version of it.
On the other hand, if you receive to give your consent to a potential employer – it may do more damage than the bad stuff that’s on your credit report.
In any case, if your job application is denied because of information that’s on your credit report – the FACT Act clearly states that the employer must inform you and provide you the name, address and phone number of the agency that provided the information.
Hope this helps..
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