An article in the Austin American Statesman's Sunday edition described a growing number of employers practice of using an applicant's credit record as a factor in the hiring process.
That doesn't mean that the server behind the counter at Burger King has an 800 FICO score but it could mean those looking for financial and mid and high level jobs will have their credit ratings placed under greater scrutiny.
And why not? In a tight job market, why not get the best available candidates that HAVE GOOD CREDIT? The theory is that people with good credit behave more responsibly and are less likely to be tempted to steal from their employers. Studies by automobile insurance companies show that those insured with good credit are, in general, better drivers thereby having fewer claims and creating more profit for the insurance company.
The bottom line is that a dinged credit report can have much greater consequences than just preventing a consumer from getting a loan and either keeping your credit report in good shape or cleaning up a less than good credit report is more important now than ever.
Monday, June 22, 2009
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