A Bad Credit Report Could Cost You A Job.
Recently, I was at a 7-Eleven to pick up a cup of coffee. I noticed a local newspaper
cover page with the headline “A Bad Credit
Report Could Cost You a Job”.
I picked up the newspaper and started reading
the article. It talked about, how in order to get a
good job these days, more and more employers
are pulling credit reports & looking at their
candidates Credit Profile.
This is a very dire situation. A person, especially
in today’s economy, could have a bad credit
report for a number of reasons, being laid off, medical issues, or for many other reasons
and now they can’t even get a job. It is really a, what came first, “the chicken or the egg”
situation. The statistics that were shown in the newspaper referenced a survey that was
done by the Society for Human Resources. They found that in 2009, 60 percent of the
employers ran credit checks which are up from 42 percent in comparison to 2006. There
was an increase of almost 50 percent.
What would you do if you had bad credit and at the same time no one wanted to hire
you because of your bad credit?
I personally think this is discrimination and there should be a law suit filed against
employers for discriminating against people because of their credit report.
If the person is qualified to do the job and for whatever reason they have a bad credit,
that should not be the deciding factor to hire the employee. One possible option I see is
that the employer can have a program for the employees with bad credit, and utilize
Financial Education Services companies and organizations to help them fix their bad
There is good news though. WA and HI have banned this practice and there is a bill
pending in Congress that would ban the use of credit reports for hiring. However, there
is an exception for people in the financial services industry and certain government jobs
in the bill.
Being in the financial Industry as a Certified Credit Counselor I would like to suggest
certain tips that can help peo