See your free credit report. Know what's happening with your free credit report and know when and why your score changes. Get started. Why would an employer look at your credit?
What do employers see when checking your credit? Does an employer credit check hurt your score? What are your legal rights? Get answers to questions about your mortgage, travel, finances — and maintaining your peace of mind.
How can you prepare for a credit check? On a similar note You can access these reports for free at annualcreditreport. We recommend you don't access all three reports at the same time, but instead space one report out every four months.
CreditWise provides access to your free TransUnion credit report. Keep in mind that while employers can legally pull your credit report, it's one of many factors that go into getting hired for a new job. But there is a simple way to appear just as good on your credit report as you do in your job interview: Make sure you always pay your bills on time.
Skip Navigation. Follow Select. Our top picks of timely offers from our partners More details. We may receive a commission from affiliate partner links. Click here to read more about Select. Certain industries rely heavily on credit reports when making a hiring decision. Some employers in these industries think signs of financial insecurity or distress may make a candidate predisposed to fraud, theft, or other deceptions. However, companies usually pull a credit check late in the hiring process which can give you time to explain any negative entries on your report.
Employers will often conduct a 7-year credit search and a year bankruptcy search, both searches follow the time frame guidelines allowable by the Fair Credit Reporting Act FCRA.
Your credit report does not include information that could violate Equal Employment Opportunity Commission EEOC regulations such as your birth date or marital status. Credit checks are an important component of employment screening for some jobs. But discretion should be used. The use of credit information in employment screening is limited by location or to specific job positions.
In those locations, most often the use of credit is prohibited except for specific positions, such as law enforcement, corporate executives, or those with fiduciary responsibilities. At EBI, we understand how intimidating the background screening process can be.
EBI is widely known for our safer and smarter background checks backed by our industry-leading technology and award-winning customer service. Our Compliance Library is kept up to date with modern screening information, including credit check laws, and all EBI clients have full access to it.
Continue reading to learn why employers conduct credit checks, what you see within a credit report, and how a credit check can benefit your small business. Especially when it comes to hiring for financial or managerial roles, it can be important for employers to run credit checks on job applicants. Those who rank high in organizations are usually involved with decisions concerning money matters, and a poor credit report could be relevant to the hiring decision.
Does your applicant have a track record of poor financial management? That could emerge as a real issue when they begin working for you. Running an employment background check that includes a credit report could give you a heads up.
Otherwise, business owners may risk hiring a candidate with negative consequences for the company. Of course, there should always be communication and a chance for your applicant to explain negative credit information. In some cases, it may be as simple as someone falling short on repaying their student loan debt because times were financially tough.
For example, if your applicant repeatedly skips their car payment, it could be an indicator of irresponsibility. But employers quickly saw the value of credit insights when hiring. Ultimately, credit reports may indicate whether a job applicant will put your business at risk.
As an employer, you stand to gain the opportunity to spot warning signs in advance. You want to feel confident that your employees are handling your business finances just as they would their own. So, how do they handle their own? In many situations, an employer might conduct a credit check on individuals who will hold a manager or financial title, as these roles typically involve making financial choices, and handling confidential information.
A credit check can help gauge trustworthiness by revealing a history of how the applicant has made choices surrounding financial matters. A credit report that demonstrates smart decisions can be a strong signal that your candidate will make profitable decisions to help your business thrive.
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