Warning: Your Poor Credit History may be the Reason why You are not Getting the Dream Job
What do you need to win a good job?
Relevant skill-sets, education, experience, and…a good credit score.
Yes, that’s true. A bad credit report may make it difficult to land yourself in a good job. Today, companies check a candidate’s credit report as part of their pre-employment screening and to decide if they should hire the shortlisted candidate or not.
Is it legal for employers to peek-a-boo at a candidate’s credit report?
Yes, it is, but of course only with a candidate’s permission. Under the Fair Credit Reporting Act, an employer can check a candidate’s credit report and use the information there in the hiring decision.
What do employers’ really read into a bad report?
Employers may see a bad report as a sign of irresponsibility. In some industries, like financial services, a below par score may affect your candidacy more, and perhaps rightly so, when we look from an employer’s perspective. For any employer, it would be a huge leap of faith to extend a job requiring management of the company’s finances to a candidate whose personal financial history is filled with delinquencies, negative accounts, and debt.
How to improve your employ ability when handicapped by a poor credit score?
Focus on the following three steps to ensure you don’t miss out on good job positions because of your credit score.
Check your report:
Get a copy of your credit report—you are entitled to one free copy from each of the three bureaus—and study it. If you see any inaccurate entries, report them in writing to the bureau from which you got the report. If your report shows loans that you didn’t take, you may have become a victim of identity theft. Contact all three bureaus immediately and place a fraud alert. In addition, get in touch with all your financial institutions so that your existing accounts can be protected. You would also need to consult an expert in the matter to learn how to proceed further.
Ask the employer’s policy at the right time:
Many employers, but not all, check candidates’ credit history. That’s why you should not voluntarily discuss your credit history in an interview. If you receive a job offer that is contingent on background check, ask the employer what all is include in it. In case credit history check is not included, you will have nothing to worry about. If it is, you can smartly handle the situation using the next tip.
Speak the truth and speak with confidence:
If your credit score is bad because of inaccurate entries or identity theft, tell your employer what he will find in your report and why your credit report is what it is. Speaking out though may prove a tough option when you’ve made poor financial decisions in the past. However, even then speaking out is better than silence because the employer will found out the truth anyway. You can add weight to your case by being honest and communicating that you plans to fix the issue and do not intend to repeat the past mistakes.
Best solution to generate good credit history
To generate a good credit history another solution is get a debt consolidation loan. By apply this loan to pay off all others loan then focus to settle this debt consolidation loan. 1st Credit SG licensed moneylender is a best choice to apply this loan. Other than that, we are offering various loan thing including business loan, individual loan, etc.
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