You know that blemishes on your credit report can make it difficult to get a loan. Could they also affect your ability to get a job? Nearly half of employers say they conduct credit checks on job candidates, according to the Society for Human Resource Management (SHRM). They look at candidates’ credit with an eye toward decreasing theft, minimizing embezzlement and mitigating legal liability for negligent hiring, a survey by SHRM found.
If you’re job-hunting, here are some facts about employer credit checks that you may find useful:
As you might expect, the majority of employers who conduct credit checks on applicants are doing so for jobs where the employee might have financial responsibility, access to money or very sensitive information, or interaction with people who might be considered financially vulnerable. If you feel your credit history isn’t relevant to the position you’re applying for, you could ask the employer to reconsider a credit check.
If you’re concerned about the potential impact a credit check might have on your job search, you may consider checking your credit report before an employer asks to do so. Knowing what’s on your credit report – good or bad – can be valuable. It can also help you catch any possible mistakes, inaccuracies or signs of identity theft and address them before a potential employer might see them. Checking your credit report regularly and knowing the factors that impact your score can help you avoid surprises.
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This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
Published by permission from ConsumerInfo.com, Inc., an Experian company.