Job Shop: Why does your credit history matter to an employer? - FOX 32 News Chicago

Job Shop: Why does your credit history matter to a prospective employer?

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From Todd Albery, CEO of Quizzle, a Quicken Loans Company.  Quizzle provides six months of free services for job seekers, allowing them to keep track of their credit and shape up their finances while they look for work.

WEBSITE: https://www.quizzle.com/company

In a tight job market where competition for the best positions is fierce, many employers are increasingly scrutinizing potential candidates by the way they manage their finances. According to a survey by the Society for Human Resource Management (SHRM), almost 50 percent of employers in the U.S. conduct a credit check on current and potential employees.

Here's what employers are looking for when doing a credit check, and why:

Poor credit history: Employers sometimes view a poor credit history as red flag for character issues.  Making sure you are on top our your credit before an interview will help make sure everything is correct and will help make you aware of what employers are seeing.

Integrity: According to the SHRM study, of the companies that pull credit, 65 percent allow potential employees to explain any negative items that appear on their credit reports. Make sure you are honest about your mistakes.

Trustworthiness: Financial service companies are especially concerned about reducing theft, embezzlement and other criminal activity. Some employers may believe that someone drowning in debt will be more focused  on his or her personal finance issues than work.

Responsibility: Job seekers may not realize a high debt-to-income ratio is an important thing to watch on your credit report.  Employers may not be just looking at outstanding judgments or bankruptcy's, they are looking at how you handle every aspect of your credit.

 

 

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