Credit Scores Can Impact Your Job Prospects

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StarTribune.com has posted an article about how your credit score can affect your employment prospects.

In 1998, a poll conducted by the Society for Human Resource Management found that 25% of employers did credit checks on prospective employees. In 2006 the number rose to 43% of employers. With the current economic state and unemployment nearing 10%, nearly half of hiring companies are…

now seeking credit “employment reports,” which include payment histories and open accounts, but not actual credit scores.

The most important thing you can do is know your rights if you are concerned about sharing your credit score with potential employers.

The Fair Credit Reporting Act requires companies to get your consent before getting your credit report. If you are not hired because of information in the credit report, you have the right to see the report and be told how to get your own version of it.

FCRA also requires the companies Equifax, Experian and TransUnion to provide you with a free credit report annually, so it is a good idea for you to be familiar with your credit history so you can fix any errors that appear on your credit report.

Being honest about your credit history is also important and effective.

“If you know you have a credit problem – and you have an explanation – it’s always best to be proactive about it,” he says. “That step won’t hurt a candidate, and can actually be helpful, because it will reinforce an employer’s perception of their integrity.”

If you have had problems with your credit score or obtaining a credit report, feel free to contact us through our website or by calling 205-879-2447.

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