subject: Problems with job applications due to credit score [print this page] Problems with job applications due to credit score
The crisis on job market and greater than ever competition for available vacancies has led to some radical decisions and procedures employed during the application process. You may have been surprised to discover that your prospective employer expects you to undergo a background credit check before you're finally offered the position. Even though only a couple years ago this would have been considered a good idea only for strictly financial positions where the applicant is to exhibit a strong financial responsibility in order to perform the job well - it's now a reality for nearly all decent jobs.
On the one hand you could claim that it's a good thing because employer can have more data to include in his decision making process and better assess whether the applicant fits the job. If you were the employer, every little piece of information is valuable. Just think about the recent news where employers were found to spy on applicants' Facebook and Twitter accounts, checking for any embarrassing information which could damage the company image in the long run.
There is, however, another side to this issue and it's important to understand that by disclosing your credit score to third parties, you're effectively giving up on some of your private information you would otherwise not wish for anyone to know. Does high credit score make you a better sales person or driver? This is a question everyone has to answer for themselves but keep in mind that high credit score does not always equal financial responsibility. It is estimated that over a quarter of all credit reports contain errors which may work against you when calculating the score. This could be anything ranging from a wrongful negative annotation all the way to identity fraud. By relying on credit score, employers force you to keep a close eye on your credit report and any mistakes it could contain.
Having said all that, there really isn't much you can do about it now that the check is widely accepted as a standard human resources procedure. All that's left to do is to make sure you know what your credit score is and act in case it requires any corrections. Apart from the benefit of not having to worry about any sudden credit checks there's always that added benefit of improved credit facilities and more options when it come to borrowing money. This is perhaps a staple of our times, it doesn't matter who you are or what you do - if you don't have good credit history you simply do not count.
