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Credit scores are also examined by some employers nowadays with your permission to understand the financial health of the employees. Someone who bears the burden of a really huge debt may remain disturbed, which could impact his performance.
A bad credit score in general is seen as an irresponsible behavior of an individual. Inability to pay on time reflects that the person is not capable of take care of things.
One should check his credit score at least once in a year. It is better to access credit score before applying for jobs. If you find any discrepancy, it is better to report it to credit bureau. Initiate appropriate action with the bank and credit bureau and follow it up, till it is resolved. In such cases, you have appropriate explanations to offer to your future employers. You can also provide the HR department of an employer the communication that has happened between the parties concerned and you for resolving the issues and HR can take a more informed decision than simply rejecting your application.
What can be done?
Factors that affects Credit Report
Full Credit Utilization shows employers that you’re in over your head and can’t stick to a budget.
Bankruptcy is a legal term for when a person or business cannot repay their outstanding debts. This could suggest that you’ll bail on large projects and aren’t resourceful enough.
Late Fee/Payments A late payment is an amount of money a borrower sends to a lender or service provider that arrives after the date that the payment was due or after a grace period for the payment has passed. This activity may appear as more of a red flag for financial positions because it suggests you have trouble budgeting.