Many employers, especially the larger corporations, are now using a credit history screening tactic to get a
perspective on a potential employee’s responsibility and credibility traits. They feel if you are not able to adequately handle their own personal financial matters, they may not be equipped to handle the responsibilities of the job. They may also surmise that if your debts are higher than your paycheck each month, your focus will be on the money and not the job performance.
Critics Disagree
Some feel that using a person’s personal credit history is an unfair practice for conducting job interviews. Because poor financial histories can be caused by a number of things, it may not be an adequate look into the person as a good perspective employee. Others feel that nothing is wrong with using a credit check as part of the regular background check since companies have a lot to lose by high employee turn over or the risks of hiring someone not capable of staying focused on the job.
Knowledge is Power
It is estimated that more than 80% of Americans do not know employers can use their credit against them. When you are completing the paperwork during the employment application process, you need to make sure you read what is there before signing. If you are not comfortable with the credit check policy of the employer, you have a right to discuss the policies first. Depending on the situation, your credit may never be checked but on most cases employers will be open to understanding a potentially damaging score if you have a reasonable excuse for the poor scores or history. Do not volunteer any information upfront about your credit unless the job description specifically includes a good score. Wait to justify the low scores during later steps in the interview if everything else seems to be going well.
Bottom line is this: If you are qualified and your skills and job history are impeccable, a credit score that is less than perfect will likely not prevent you from securing a job offer.
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