It's common knowledge that credit scores are crucial for getting loans, qualifying for credit cards and obtaining financing for home purchases. In addition, some employers may factor your credit rating into the hiring decision.
Significance
Many employers run background and credit checks on prospective applicants. Employers generally look to hire people without serious black marks on their credit history, such as bankruptcy or foreclosure. Additionally, hiring managers prefer applicants with average to excellent credit scores, according to Smart Credit.
Expert Insight
According to MSN Money, many employers view those with low credit scores as irresponsible people who are incapable of managing their own finances. Additionally, employers may view someone with a bad credit rating as a greater risk for theft or embezzlement.
Considerations
Employers in certain sectors such as government, banking, home care and high-end retail sales place a heavier weight on your credit score and credit report, although employers in other sectors may consider it as well. However, you must give written permission in order for employers to check your credit report or score.
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