More and more often, employers are requesting permission to review an individual's credit report before offering him a position. This can be a problem for applicants who are qualified for a position, but have issues that have damaged their credit scores.
Facts
A potential employer is more likely to check your credit report if the job you are applying for involves handling money. Applicants who are deeply in debt are considered a greater risk to the company because they may be more tempted to steal or accept a bribe.
Significance
Individuals who are unemployed often are unable to pay their creditors in a timely manner. Unfortunately, the jobs they need to pay their bills may be out of reach because their unemployment and subsequent nonpayment of bills has negatively impacted their credit score.
Features
Different employers will be interested in different aspects of your credit history. They may be looking for a pattern of unpaid bills or large amounts of debt. Your credit history itself will often hold more weight with an employer than your actual score.
Considerations
If you live in Hawaii or Washington, you do not have to worry about employers checking your credit score. Credit inquiries by employers are illegal in these states.
Misconceptions
Employers will often be more understanding about past credit problems than lenders, often overlooking such negative credit report entries as high medical debts or debts that were incurred as the result of a divorce.
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