Why Monitoring Credit Your Reports Is Good For Your Career
Life is simply not fair. Today I was reading an article [spin]that appeared in a major publication. The article contained a surprising statistic: Fully 43 percent of employers use credit ratings as part of the vetting process for new hires.
To some extent, this is understandable. In some cases, the employer may need for the employee to take expenses out of their personal accounts and those workers later for the out-of-pocket expenses. An employee with bad credit might encounter problems on a business trip where their card gets declined. In other cases, it just might be a bad idea to hire someone with a history of not paying their bills on time. I understand all that.
What I don’t understand is how employers can continue this practice in today’s terrible economic climate. There must be millions of great potential hires out there whose credit scores have slipped due to circumstances over which they had no control. Maybe you are among them. Maybe it wasn’t your fault that you could not make your bills on time when you didn’t have a job.
It seems to me that the money and time employers spend poking around in people’s personal business might be better invested — for example — talking to the potential employees or maybe even giving their former supervisors a call. It just strikes me as wrong that this number calculated by the credit bureaus is so important.
Here is the worst part: Fully 25 percent of credit reports contain errors. Since everyone has three credit reports, that means that one in every two people have an error in their credit report. In that case, it really is not your fault, and it is completely unjust that a person could be prevented from making a living.
Another thing that happens is ID theft. Don’t even get me started on the subject of identity theft. Read some of my past articles to get my take on that one. Someone’s credit rating can be totally destroyed by these scumballs, and a ruined credit rating can cost them job opportunities.
Of course it is not just that employers screen people out based on conditions that may be beyond their control, but that is the way it is. To deal with reality, then, it is incumbent on each of us.
How to do this? Well, there is an a simple method and a more difficult method. The easy way is to pay for a service that contacts you regularly about any activity in your reports. If you go this route, make sure that your service monitors all three major credit bureaus. A mistake reported by Equifax may not be picked up by Experian.
The second way is to take advantage of the Fair Credit Reporting Act. All residents of the U.S. are entitled to a free copy of each of their credit reports annually. The disadvantages are that you only get one update per year and that you have to actually contact the bureaus yourself.
Whatever you do, monitor your reports. It could help your career.
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