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Bad Credit Employment Discrimination

June 20, 2013 by  
Filed under Blogs, Credit Report

by: .
credit employmentA story far too common.

Daniel Stone was a successful accountant at a major firm where he had worked for the last 6 years. He just bought a house when something completely unexpected happened, he lost his job.

Like many others, Daniel was let go due to the economic recession.

Without a steady paycheck, Daniel was forced to live off his credit cards for as long as he could. His health insurance lapsed which brought on a pile of medical expenses due to a minor illness. As the job market dried up, the medical bills began to accrue and the credit cards began to compound with interest charges. Mr. Stone could no longer afford to pay any of his bills and his credit score took a tumble.

As the job market got better and the newspapers were publishing stories of an economic recovery Daniel was still being turned down for jobs left and right. Daniel didn’t know what to think, he had plenty of experience working for a major accounting firm for over 6 years and a great education at a prestigious university. But here he was, no job, living in a home on the fast track to foreclosure, constantly hounded by bill collectors, and living off government assistance.

Daniel just couldn’t understand why he wasn’t able to find a job, until one day he received a letter. A letter from an employer which turned him down for a job, explaining that he was not hired due to the adverse information in his credit report.

Consumers tend to think that credit reports are only used in the lending industry by banks and credit card companies. But the reality is, according to a recent SHRM study, over 47% of employers use credit reports to screen job applicants.

If a consumer loses their job, they can’t pay their bills, and now they can’t get a job because they couldn’t pay their bills, because they lost their job.

Daniel Stone, the accountant, can relate to that. Standing in his kitchen, he holds up his credit report. “This is the cause of all my problems, if it wasn’t for this, I could have had any job.”

“I tell my story to anyone who’ll listen”, said Mr. Smith. “Even the clerks at the unemployment office, and they tell me, ‘We hear that story all the time, about the credit, if you’ve got bad credit, you’re not getting a job.’ ”

Tough economic times are difficult for everyone, especially for those with low credit scores. Just remember one thing, bad credit is not a permanent problem. Become proactive, fix your credit, and take back your life.

And Mr Stone, he was able to get a job with a credit repair company who knew that a bad credit score was not a character issue, it was a financial issue, an issue which since has been resolved.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review

How Credit Impacts Your Ability To Get A Job

June 11, 2013 by  
Filed under Blogs, Credit Report

by: .
employer Credit background check

Employers have been using credit reports to determine whether to hire a prospective applicant for well over 20 years.

Lets take a look  at your credit report and find out what it says about the type of employee you are.

1. Payment History – Punctuality

Payment history is a great way of gauging  your time management skills. Paying your bills on time shows potential employers that you can be trusted to stick to a schedule and always be on time. If you don’t pay your bills on time, the employer will assume that you may have a tendency to come to work late.

2. Utilization Rate – Organization

The utilization rate shows your dependency on debt. A low utilization rate (20% or less) shows that you know how to manage your finances and only rely on credit for the purpose of convenience. A high utilization rate shows that you are overly dependent on debt and have a difficult time living within your means. This basically tells the employer that you are disorganized and can’t manage your finances.

3. Length of History – Stability

The length of your credit history shows that you have demonstrated good financial habits for a long time. The more stable your credit report looks, the more trustworthy you become in the eyes of the employer. A short length of history may bring up questions of instability and whether you’re in it for the long haul.

4. Mix of Credit – Multi-Tasking

Having a mix of credit between installment and revolving accounts shows that you are a responsible individual who has a balanced amount of debt. You don’t rely too heavily on any one financial obligation and can understand and manage different types of loan obligations at once. Having only one type of accounts may throw up a red flag and show your potential employer that you have a one track mind and an inability to multitask.

5. Inquiries – Responsibility

Too many inquiries within a short period of time says a lot about you. Mainly, it says that you’re hungry for credit, and this is never good. Inquiries show that your either in a very difficult time and severely need an extension of credit to stay afloat, or that you’re just starting to build your credit and may be biting off more than you can chew.  Responsible people build credit gradually, little by little, and account by account, and make sure that they can handle what their are undertaking.

Conclusion

Although bad credit does not always indicate the type of employee you are, it is widely used tool that many employers use when judging a potential applicant. Your credit report is used to gain insight into your personality and dependability. Give yourself the best chance at landing your dream job by keeping your credit report clean and well balanced.

Solution

If you have a few red marks on your credit report, do something about it. Be proactive, fix your credit, and give yourself the opportunity for a brighter future.

If you need help to improve your credit reports, CreditFirm.net is here for you.

 

Why Choose CreditFirm.net?

Assurance. Our Credit Repair process was developed by experienced attorneys.

Speed. Documents are typically processed and sent out for investigation within 5 days.

Support. Award winning customer service guarantees your satisfaction.

CreditFirm.net Review