Non-Essential Gov After 60 Days Employee Positions Will Be Reviewed Credit Report and Scores – A Bad Credit Report Could Cost You A Job

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Credit Report and Scores – A Bad Credit Report Could Cost You A Job

Recently, I was at 7-Eleven to pick up a cup of coffee. I noticed a front page of a local newspaper with the headline “A Bad Credit Report Can Cost You a Job“.

I picked up the newspaper and started reading the article. She talked about how to get a good job these days, more and more employers are pulling credit reports and looking at the Credit Profile of their candidates.

This is a very sad situation. A person, especially in today’s economy, can have a bad credit report for a number of reasons, being laid off, medical issues, or for many other reasons and now they can’t even find a job. It’s really a situation, what came first, “the chicken or the egg”. The statistics that were shown in the newspaper referred to a survey carried out by the Society for Human Resources. They found that in 2009, 60 percent of employers did credit checks, up from 42 percent in 2006. There was an increase of almost 50 percent.

What would you do if you had bad credit and at the same time no one wanted to hire you because of your bad credit?

I personally think this is discrimination and there should be a law suit filed against the employer for discriminating against people because of their credit report.

If the person is qualified to do the job and for whatever reason has bad credit, that should not be the deciding factor in hiring the employee. One possible option I see is that the employer could have a program for employees with bad credit, and utilize Financial Education Services companies and organizations to help them fix their bad credit.

There is good news though. WA and HI have banned this practice and there is a bill pending in Congress that would ban the use of credit reports for renting. However, there is an exception for people in the financial services industry and certain government jobs in the account.

Being in the financial Industry as a Certified Credit Counselor I would like to suggest certain tips that can help people with bad credit and how they can establish a good credit rating.

Tip #1: Use Your Credit Cards Effectively: When using your Credit Cards keep in mind that it is money that you owe to someone. The credit card companies have allowed you to use their money to be able to buy the things you want and need. However when credit cards are used effectively they can actually work in your favor. Most Credit Cards offer rewards programs when you use the card. To get the most rewards, the key is to pay off your credit card balance every month.

Tip #2: Use only 27 percent of your available credit limit: This is important. Anytime your credit card balance goes above 27 percent it can have a negative impact on your credit. So for example if you have a credit limit of $5,000.00 make sure you only use $1,400.00 maximum.

Tip #3: Never close any Credit Cards: This is very important. The length of your credit history and total available credit limit is a big factor in calculating the credit score. Every time you close an account it will reduce your available credit limit and if you have had this card for a long time it will also erase the history you have established for all those years.

Tip #4: Pay all your bills on or before their due date: This factor alone counts for 35% of your credit score calculation. This is what establishes your credibility which as you know, is very important in life as well. This also reflects on your personal life. One of the reasons that more employers began to look at a credit report before hiring an employee is this, to see how the employee manages things in their lives. If a person can manage things in life well, he will be responsible in work as well.

Tip #5: Have a plan: If you currently have bad credit and don’t know where to start then I will share with you a simple and effective plan. First if you don’t have a credit card, get one. A good number of credit cards that you have is 2, in addition to a home mortgage and a car loan. There are two different types of credit cards that you can start with, one is a secured credit card and another is an unsecured credit card. A secured credit card is where a lender or bank will take a deposit for the amount and then issue you a credit card, usually for less than the amount of the deposit. I personally would only go to banks that give a credit limit equal to the amount of your deposit.

The other way is to apply for a credit card that works with direct deposit from your employer. The way it works is when you have your salary deposited directly to the institution they issue a credit card, instead of a debit card. Every time you use the credit card, even though money is being taken out of your account, it is reflected as a credit transaction and is reported to the credit bureaus and reflects on your credit report . It’s a good way to start.

An important thing to remember, which is unfortunate, is that many businesses make money from people who are not able to manage their finances properly. Think about it, who pays the most and at the same time earns or keeps the least. If you have bad credit, you will pay higher interest rates than people who have excellent credit. When you are suffering with bad credit you may have to use the services of a company that can help you establish your credit, you may have to file for bankruptcy, do loan modifications, pay a higher interest rate on car loans , insurance rates, mortgage interest etc. You see where it is going; life will cost you more.

I hope that all this information was useful and useful to you at the same time.

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