When you’re out looking and applying for a job, some employers may tell you that they require a credit check and take a peek into your credit history before they can hire. This can be especially true if the employer works in the financial industry, and even some jobs like stockbrokers, payday lenders, and mortgage brokers require a credit check for their employees. Why exactly is this? After all, paying your credit card bills and showing your past loans may seem a little invasive for a prospective employer; however, companies do these checks for several different reasons.
First, the employer needs to check your reliability as a prospective employee, and the easiest way to do this is to see how responsible you are with your finances and debts. This includes all credit history within the last seven years while some jobs with higher pay may even require a history of ten years. Additionally, they check if you have high debt utilization or not, and if you are paying your lines of credit on time. Late payments and high debt utilization may be indicators of poor financial responsibility and may translate to poor performance on the job.
If the employer is part of the financial sector, they may be selective on who they will hire in the future. After all, they do not want people who are financially irresponsible to manage other’s finances as a money manager, bank teller, or someone who simply works the books. So most likely any financial-focused job will require a credit check from a prospective employee.
Second, employers will check several different things on a credit report. They want to verify an employee’s identity and make sure everything is genuine. This includes looking for full legal names, past legal names, current and past addresses, and sometimes past employers as well. This information is a quick way for an employer to verify the prospective employee’s legitimacy as well as some people may pretend to be other people or straight up steal identities.
Third, employers can only glean certain information from these credit reports. They cannot see any credit scores, current income, marital status, race, religion, and political affiliation. Discrimination on the basis of any of these things is illegal, and if you suspect something of that nature, you should report it. However, employers can see any previous bankruptcies, payment history, credit utilization, and any collections that may appear on your credit report.
Luckily, when it comes to an employer generating a credit report, it will not incur any penalty to your credit score. It will appear as a soft inquiry similar to when you check your own credit report or when credit card companies or lenders do pre-approvals. The only time a hard inquiry will incur is when there is a new credit application or trying to get a loan.
If you believe your credit is being affected by negatives appearing in your credit history, then you can always contact us at Fix Your Credit Consulting. Call us at (877) 212-2450 for a FREE consultation. We are a group of industry professionals who will advise you and help you on getting your credit back on track.
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