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Just another reason to be rebuilding your credit

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goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



541 Magic Points

 
Posted on Sat Nov 03, 2007 11:47 am  

Employers are now checking credit scores for employability reasons, will this drop credit scores or does this fall into a different catagory. I was wondering because if this is becoming common practice for employers it could potentially really hurt a persons employability to apply for several jobs and if someone is desperate for employment and completing many job applications at one time, it is a no win situation for the person looking for employment.
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 3931



541 Magic Points

 
Posted on Sun Nov 11, 2007 10:23 pm  

What do they mean by "types of credit" ? will one be worse than the other? can you explain more please.
Dadummy



Joined: 15 Nov 2007
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Posts: 547



252 Magic Points

 
Posted on Sat Dec 01, 2007 11:50 pm  

I think employers checking out credit will mess alot of good people out of work and employers will lose out on some pretty qualified people this way. I think a person should be able to explain, it may have been because of health issues or a divorce, who knows these things are sometimes out of ones control.
Do you know if the ones doing the credit checks are giving people the opportunity to explain or are they just eliminating them right from the report? This would be interesting to know.
crackerjack



Joined: 03 Dec 2007
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Posts: 144



33 Magic Points

 
Posted on Sat Dec 15, 2007 1:44 pm  

I don't think it should be used to make a decision unless your job is handling the company financials. I think this will eliminate a lot of good people from the employers choices, especially with all the bad junk being reported about the credit reporting agencies not doing their jobs right. People file disputes and get no resolution to their complaints, credit companies making inquiries and dropping scores and the list of many more reasons not to use this.

I don't know if people get an opportunity to explain or not, probably not because if they are basing the decision on the hiring it probably affects the second interview process too.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



541 Magic Points

 
Posted on Sat Dec 15, 2007 10:17 pm  

I think the last part of your statement is right, I don't think you would get a second interview, sad but true, this is the new way of doing things.
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crackerjack



Joined: 03 Dec 2007
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Posts: 144



33 Magic Points

 
Posted on Sun Dec 16, 2007 2:39 am  

Just another reason to be rebuilding your credit. I don't agree with the practice either, but it is out there.
Laura

Laura

Joined: 21 Jun 2007
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Posts: 1327



36544 Magic Points

 
Posted on Tue Dec 18, 2007 7:59 am  

So you mean that people with bad credit wont get a job? This is unfair. Credit can go haywire due to various reasons not only irresponsibility. No one can decide on that basis. I agree to it if it comes to a financial job but in that case as well it is always fair to inquire the reason before deciding.
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goodnatured



Joined: 03 Nov 2007
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Posts: 3931



541 Magic Points

 
Posted on Sat Dec 29, 2007 1:18 pm  

Alot of companies are taking a persons credit score into consideration now for hiring, it is becoming common practice, I agree with you Laura, that bad credit could happen for a variety of reasons, they don't give that option to explain they just move on to the next candidate, it is not fair to me either but that is the way some companies are doing it these days. They state that these individuals will be using company credit cards, vehicles and property and they want to know that they can trust these individuals with all this stuff. Fair or not, it is happening.
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erb1953



Joined: 31 Dec 2007
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Posts: 547



-100 Magic Points

 
Posted on Wed Jan 16, 2008 11:12 pm  

I don't like this practice at all, I feel for those people who have bad credit because of no fault of thier own, this is not good for the employers either, once the word gets out, a lot of people will not even apply to these companies.

I think people should have a chance to prove themselves, what if someone just had an accident and could not work for a while, it could happen to any of us.

I just hope that the employers will reconsider this practice as they see how it will limit who they have to interview.
August



Joined: 09 Jan 2008
August's page
Posts: 125



59 Magic Points

 
Posted on Thu Feb 07, 2008 11:52 pm  

Has anyone went and done this yet? I have not, have thought about doing it a few times, but would rather just come in, read the articles and post my answers.
Fasfeed



Joined: 06 Feb 2008
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Posts: 84



3347 Magic Points

 
Posted on Tue Feb 12, 2008 1:59 am  

Employers think that your credit whortyness shows what type of person you are not taking in to fact that it may be do to cut backs on prior job or layoffs that caused you to have credit issues .Which is the reason your applying at their company to be able, if hired,to resolve your credit history.
Fasfeed



Joined: 06 Feb 2008
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Posts: 84



3347 Magic Points

 
Posted on Tue Feb 12, 2008 2:06 am  

If a hard inquiries drops your score by 2-5 points does it raise it any when it drops off???
Laura

Laura

Joined: 21 Jun 2007
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36544 Magic Points

 
Posted on Tue Feb 12, 2008 8:57 am  

A negative drop off definitely raises your score but there are other factors that work when it comes to a rise in score. The account and how it has been treated contributes to the score and its condition.
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Regards,
Laura.
erb1953



Joined: 31 Dec 2007
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Posts: 547



-100 Magic Points

 
Posted on Mon Feb 18, 2008 4:33 pm  

How long does it take to see this difference in your score.
Morningstar

Morningstar

Joined: 17 Apr 2007
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Posts: 576



11 Magic Points

 
Posted on Tue Feb 19, 2008 11:28 am  

6 months to a year.
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