Will prospective employers look at credit scores and/or other financial information and if so, how much weight will they give it (especially in this economy)?
I know this comes up for certain types of employers (financial services firms, accounting firms, banks, and often the federal government) of for certain types of jobs (especially ones in which you need to handle other people’s money, like accounting or finance, credit counseling, etc.). Probably, if you have a very difficult financial situation or credit score, it could actually stop you from getting hired for certain specific jobs.
However, in the majority of cases, employers won’t check your credit at all. If they do, you should be honest with them and provide information on any extenuating circumstances (divorce, foreclosure etc.) and provide any evidence that you have been doing whatever you can to find a way to meet your obligations. Also make the case that your personal financial situation is not going to affect your work, and that it doesn’t reflect on your level of responsibility in general. The more you can emphasize your strengths and how you are working to overcome adversity, the better.
According to those dang commercials on TV employers do check your credit score. My question is can’t that be considered discrimination? If asking me if I have kids is off limits then why isn’t do you have debt? Don’t get me wrong I think the questions you can and can’t ask are bogus, but I don’t see how in this day and age credit score checking would be legal.
I used to work in the financial sector, and I understand the need to evaluate credit of indiviuals who are directly handling money.
I disagree with the notion that individuals who are in a difficult financial situation will be more apt to be immoral, corrupt, or irresponsible. In today’s day and age it would almost be more common to see young individuals with lower scores as they may be realing from high debt to income ration, simply as a matter of student loans.
Furthermore, going through something like a divorce or medical crisis is another matter that can affect credit for various reasons, but it doesn’t necessarily reflect personal responsibility/ values.
I know from experience that a tight financial situation can affect your work in some ways. For example, if you are asked to re-locate for work, but do not receive a relocation package, or if you are asked to front expenses prior to being reimbursed…this could be something that is impossible or difficult for you to manage depending on your financial situation and therefore could affect your ability to do your job.
Yes it does! In fact, as a recruiter I see a lot of the jobs out there, and I think the checking is actually on the increase by employers.