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How Bad Credit Can Prevent You From Getting a Job

You may think your credit report only comes into play when you're trying to apply for a loan. Well, think again. Nowadays, employers are moving towards doing credit checks on potential employees and in some instances, bad credit may be the one thing that prevents you from landing your dream job.

Not all employers check these reports when assessing prospective employees, but more and more employers are checking them for mid-level and upper-level jobs. In the past, many employers did a search on past criminal history as a final background check. Today however, a credit report is often included in the final background check and job seekers with low scores are being turned down from jobs specifically because of their credit score and report. Many companies use credit histories as a way to weed through job candidates Employers check credit so they can validate their decisions to hire you. They want to know how responsible you are and how good you are at managing your finances. A credit check is especially important to employers who are seeking to fill positions in banking and finance. In the private sector, the people most likely to have their credit checked, are those who will deal with cash or valuables, or who are financial executives.

This includes bank tellers, CFOs (chief financial officers), financial controllers and people who work for brokerage institutions and financial institutions. Jewellery manufacturers, especially those who work with fine jewellery may also do credit checks. The thinking behind these checks is that people with big debts or other credit problems may be more likely to steal or commit fraud or to embezzle.

Credit checks are not only limited to financial workers however. Some employers are convinced that people who manage their finances and credit well, are better workers than those who do not, and who have bad credit. Bad credit has become synonymous with irresponsibility and carelessness, and not many employers are willing to take that risk. Employers are also fearful of lawsuits and some have the perception that hiring a person with bad credit, who will have access to other people's finances, is opening the door for potential lawsuits from their clients.

Credit checks are not only being conducted by private employers. If you'™re looking to work with the federal government, your credit may also come into play. Even persons who do not work directly for the government may be at risk of losing their jobs because of low credit scores. A popular example of such a case is a young man who worked as a consultant and was hired to do a part-time job with the government. Two months after he started that job, he was warned that his poor credit was threatening his position.

Employers also use credit reports to verify employment history and Social Security numbers. Lenders often verify employment when you apply for a loan or credit card, so a credit report is seen as a good way to double-check the employers listed on a job seeker's application.

If your credit prevents you from getting a job, the law stipulates that the prospective employer has to tell you that your credit information was used against you. You also have the right to query the information and dispute the report'™s accuracy. But rather than go through this, an employer may simply tell you another reason why you were not hired. Having good credit however, is therefore the best way to eliminate these issues and to keep yourself in the running in the job market.

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