Those seeking employment may wish to pull up their credit report and make note of anything negative, because a number of employers are factoring a potential employee’s credit into the hiring process. Those with bad credit may find that despite their education, qualifications and strong interviewing skills, they are still removed from consideration owing to bad credit. This is especially true when they are applying for any position related to finance or that has control over a substantial budget, but bad credit can be a reason to disqualify a candidate from any position.
A potential employee with poor credit may be passed over for several reasons. In addition to their money-management skills being in question, some employers fear that an employee who has a history of missing payments may be more likely to embezzle or steal. Others see missed payments as a sign that a candidate is unable to manage deadlines. It can also show that a potential employee has a number of personal problems that they may not be able to keep separate from their work life.
However, job seekers should note that their FICO Score will not be disclosed to employers. Fair Isaac Corporation Vice President of Consumer Scores, Tim Quinn, notes that no credit report requested for employment screening can contain any information related to credit scores. The Fair Isaac Corporation is the FICO Score creator. Employers must also receive permission to pull a candidate’s credit report.
If you would like to monitor your credit to prevent identity theft and see your credit reports and scores, check out our credit monitoring service.