Has Your Credit Report Cost You A Job?

By Jesse Smith, Loan Officer Assistant To Gustan Cho And Credit Consultant At Credit Fix Advisors

Is this fair? Bad credit and employment opportunity?  Should employers judge your ability to perform in a job by your bill-paying performance? The trend of checking your credit report spans across all industries and is not exclusive to any one type of employment.

Employer credit report checks can prevent the nation’s hardest hit job seekers from entering the workforce. Employers conduct these checks for job seekers applying for positions. Employer credit checks are common and they’re keeping people from getting jobs.

The job market has been tough for workers either finding a new job or being promoted with a company that you already work for. Did you ever imagine that you wouldn’t land a job because of your credit report? Well, it is possible. If you are looking to change careers, find a new job, get promoted or keep the job that you have a bad credit report can hold you back.

A new study shows that one in four unemployed Americans have been required to go through a credit report check when applying for a job. One in ten has been denied jobs due to negative information in their credit report. Six out of ten private employers check the credit history of at least some of their job applicants and 13% conduct them on all candidates.

The main reason to check a person’s credit report is to get a sense of the overall dependability of a job applicant. Credit report checks are used to screen applicants for employment positions.

Bad credit often is often acquired due to unemployment and the loss of health insurance. A negative account on your credit report can be from bankruptcies, charge offs, late payments, foreclosure, judgments, repossessions, liens and collection accounts. You can also have errors on your credit report and this can keep you from getting employment positions.

Check your credit report so that you will know exactly what is reporting. To keep ahead of your credit report is somewhat a task but once you do this, you will know exactly what is on your report and what you can do to repair your credit report before others see it !

Jesse Smith is a financial writer and the first assistant to Gustan Cho of Gustan Cho Associates.  Jesse Smith and his staff work daily with consumers, real estate agents, bankers, credit unions, mortgage bankers, and mortgage brokers in order to repair consumer’s credit reports and raise their FICO scores.  For a free analysis of your credit report, please call 815-210-1581 or email him at Jesse@CreditFixAdvisors.com.  Visit Jesse Smith at www.creditfixadvisors.com.

Related> How bad credit can hurt your job search

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The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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