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What employers are looking for when they check credit -- and What They See
Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. While our website does not feature every business or financial product on the market however, we're confident that the guidance we offer, the information we provide as well as the tools we design are independent, objective, straightforward -- and free. So how do we make money? Our partners compensate us. This can influence the products we write about (and where they are featured on the website) However, it doesn't affect our suggestions or recommendations that are based on thousands of hours of study. Our partners cannot promise us favorable ratings of their goods or services. .
Why Employers Check Credit -- and What They See
A credit report for employment won't reveal your score, but only an amended credit report that shows payments and debt.
By NerdWallet Follow NerdWallet's social media to stay informed about updates
3 February 2023
Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Prior experience includes news and copy editing at various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications from The University of Iowa.
A majority of the products we feature are provided by our partners who compensate us. This impacts the types of products we review as well as the place and way the product appears on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .
Employers often check credit reports to gain insight into a potential hire, including indications of financial trouble that could suggest a possibility of theft or fraud. The company doesn't obtain your credit score, but rather a modified version of your credit report.
Employer credit checks are more common for positions that require a security clearance or access to sensitive consumer data or confidential company data. Such checks may be performed by your current employer prior to a promotion.
This is what you should know about employer , including what information prospective employers can look at, what rights you have, why the practice is controversial , and the best way to present the best possible face.
Find out how your credit is graded
Check your score for free and the factors that influence it, as well as suggestions on how to build your score.
Why would an employer take a look at your credit score?
The credit history of an applicant can flag potential problems which employers want to avoid:
Lots of late payments could suggest that you're not organized and responsible, or don't live up to agreements.
Utilizing a lot of credit or having a high amount of credit are indicators of financial stress, which could be viewed as increasing the risk of theft or fraud.
A hint of mishandling your personal finances may suggest you are not a good choice for a job which is responsible for the company's financial information or customer data.
The Professional Background Screeners as well as HR.com's survey of human resource professionals in 2021 discovered that financial or credit checks are included in 51% of employers' background screenings in the U.S. [0* HR Research Institute . .
>> > SIGN UP:
What are the employers looking for when they check your credit?
Potential employers see a modified version of your credit report, claims Rod Griffin, senior director of public education and advocacy for Experian.
Here's what employers will notice:
You can identify your information by your full name and address.
Your credit accounts as well as your credit limit.
Your payment history.
The details of your employment or work history that you self-reported on credit applications.
Bankruptcies or liens.
Here's what employers won't see:
Your .
Account numbers on your credit accounts.
Your earnings.
Medical bills.
Any identifying information that could serve as a basis for discrimination, including your birth year and marital status as well as race or ethnicity.
Do credit checks by employers affect your credit score?
Businesses may get an employee credit score from any of the three major credit report bureaus -- Equifax, Experian and TransUnion -- or may use an additional screening firm.
The credit check counts as an item on your credit report therefore it won't take points off your credit score as the application for a credit card could.
The credit report also won't reveal other soft inquiries on your credit score, meaning potential employers won't be able to see if other employers have looked into your credit report. But you'll be able to view the soft inquiries when you ask for your own credit report.
What are your rights under the law?
Notification and authorization A company must notify you that it plans to examine your credit report and you must give written permission. In the Fair Credit Reporting Act requires the notice to be "clear and clear" and not mixed in with any other language.
Warning before rejection In the event that an employer is able to decide to reject you based on a portion or entirely on your credit report they must notify you prior to the decision being made. The company must send you an "pre-adverse action notice," including a copy of the credit report that was used as well as a summary on your rights.
Time to respond The company must allow for a reasonable time -- usually three to five business daysbefore proceeding. The aim is to help you clarify the red flags in the report, or if the negative information is incorrect, fix the mistakes with the company that submitted the report.
Notice of finality, the right to a a free copy: Once it has acted, the employer must be notified by a post-adverse action notification, stating the name of the credit reporting agency, the contact details and explaining your right to receive a free credit report in 60 days.
Controversy around employer credit checks
Some states have limited the use of credit checks, which includes California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Nevada, Oregon, Vermont and Washington.
Those who object to credit checks by employers claim that the credit history of a worker is not a factor in their ability to complete the majority of jobs. In addition, critics argue that this practice is harmful to workersparticularly minority job seekers due to the fact that it could cause a problem on the road to economic stability.
"There are some significant racial disparities in the history of credit and credit score," states Chi Chi Wu an attorney on staff at the National Consumer Law Center. "Studies indicate that Black and Latino consumers have lower credit scores as a group," she notes, using reasons such as the wealth gap between racial groups and other types of discrimination that makes it more difficult to pay off debt and easier to accrue.
"So that when you utilize credit history when you apply for jobs background checks you're kind of adding that disparity in racial status into the decision-making process for applicants," Wu says.
Those in favor say that credit checks offer employers insight into a prospective job applicant's judgement and decision-making that could impact their business in the near future.
You can check with your or your city government to learn whether employer credit checks are restricted in your particular area.
How can you prepare for an upcoming credit check?
Checking your own credit proactively allows you to see what an employer might do -and possibly correct any incorrect negative marks ahead of time.
You're entitled to at least one free credit report each week, directly from each of the three bureaus . If you discover any mistakes make sure you correct them through an .
After this, keeping your credit report clean is a smart financial move -- and will protect your credit score, too. Here's how:
Be sure to pay your bills promptly. The payment history is the single biggest influence on your credit score Making timely payments helps your scores while also keeping delinquent marks off your credit report.
Make use of credit available at a moderate rate. Experts say it's best to use any credit card at any given timeand that the lower limit is more beneficial. It shows you're not strained financially, and can also improve your scores because credit usage is the second most significant factor that affects them.
Check your credit report frequently. Certain websites for personal finance, such as NerdWallet provide a score that you can check at any time you'd like, giving you a way to regularly watch for negative marks.
On a similar note...
Dive even deeper in Personal Finance
Do all the right financial moves
To find more info about payday loan no credit check direct lender (bestlenders.ru) look into our web site.
Advertiser disclosure You're our first priority. Each time. We believe everyone should be able to make financial decisions without hesitation. While our website does not feature every business or financial product on the market however, we're confident that the guidance we offer, the information we provide as well as the tools we design are independent, objective, straightforward -- and free. So how do we make money? Our partners compensate us. This can influence the products we write about (and where they are featured on the website) However, it doesn't affect our suggestions or recommendations that are based on thousands of hours of study. Our partners cannot promise us favorable ratings of their goods or services. .
Why Employers Check Credit -- and What They See
A credit report for employment won't reveal your score, but only an amended credit report that shows payments and debt.
By NerdWallet Follow NerdWallet's social media to stay informed about updates
3 February 2023
Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, financial management and debt Kathy Hinson leads the core personal finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Prior experience includes news and copy editing at various Southern California newspapers, including the Los Angeles Times. She received a bachelor's degree in journalism and mass communications from The University of Iowa.
A majority of the products we feature are provided by our partners who compensate us. This impacts the types of products we review as well as the place and way the product appears on a page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .
Employers often check credit reports to gain insight into a potential hire, including indications of financial trouble that could suggest a possibility of theft or fraud. The company doesn't obtain your credit score, but rather a modified version of your credit report.
Employer credit checks are more common for positions that require a security clearance or access to sensitive consumer data or confidential company data. Such checks may be performed by your current employer prior to a promotion.
This is what you should know about employer , including what information prospective employers can look at, what rights you have, why the practice is controversial , and the best way to present the best possible face.
Find out how your credit is graded
Check your score for free and the factors that influence it, as well as suggestions on how to build your score.
Why would an employer take a look at your credit score?
The credit history of an applicant can flag potential problems which employers want to avoid:
Lots of late payments could suggest that you're not organized and responsible, or don't live up to agreements.
Utilizing a lot of credit or having a high amount of credit are indicators of financial stress, which could be viewed as increasing the risk of theft or fraud.
A hint of mishandling your personal finances may suggest you are not a good choice for a job which is responsible for the company's financial information or customer data.
The Professional Background Screeners as well as HR.com's survey of human resource professionals in 2021 discovered that financial or credit checks are included in 51% of employers' background screenings in the U.S. [0* HR Research Institute . .
>> > SIGN UP:
What are the employers looking for when they check your credit?
Potential employers see a modified version of your credit report, claims Rod Griffin, senior director of public education and advocacy for Experian.
Here's what employers will notice:
You can identify your information by your full name and address.
Your credit accounts as well as your credit limit.
Your payment history.
The details of your employment or work history that you self-reported on credit applications.
Bankruptcies or liens.
Here's what employers won't see:
Your .
Account numbers on your credit accounts.
Your earnings.
Medical bills.
Any identifying information that could serve as a basis for discrimination, including your birth year and marital status as well as race or ethnicity.
Do credit checks by employers affect your credit score?
Businesses may get an employee credit score from any of the three major credit report bureaus -- Equifax, Experian and TransUnion -- or may use an additional screening firm.
The credit check counts as an item on your credit report therefore it won't take points off your credit score as the application for a credit card could.
The credit report also won't reveal other soft inquiries on your credit score, meaning potential employers won't be able to see if other employers have looked into your credit report. But you'll be able to view the soft inquiries when you ask for your own credit report.
What are your rights under the law?
Notification and authorization A company must notify you that it plans to examine your credit report and you must give written permission. In the Fair Credit Reporting Act requires the notice to be "clear and clear" and not mixed in with any other language.
Warning before rejection In the event that an employer is able to decide to reject you based on a portion or entirely on your credit report they must notify you prior to the decision being made. The company must send you an "pre-adverse action notice," including a copy of the credit report that was used as well as a summary on your rights.
Time to respond The company must allow for a reasonable time -- usually three to five business daysbefore proceeding. The aim is to help you clarify the red flags in the report, or if the negative information is incorrect, fix the mistakes with the company that submitted the report.
Notice of finality, the right to a a free copy: Once it has acted, the employer must be notified by a post-adverse action notification, stating the name of the credit reporting agency, the contact details and explaining your right to receive a free credit report in 60 days.
Controversy around employer credit checks
Some states have limited the use of credit checks, which includes California, Colorado, Connecticut, Delaware, Hawaii, Illinois, Maryland, Nevada, Oregon, Vermont and Washington.
Those who object to credit checks by employers claim that the credit history of a worker is not a factor in their ability to complete the majority of jobs. In addition, critics argue that this practice is harmful to workersparticularly minority job seekers due to the fact that it could cause a problem on the road to economic stability.
"There are some significant racial disparities in the history of credit and credit score," states Chi Chi Wu an attorney on staff at the National Consumer Law Center. "Studies indicate that Black and Latino consumers have lower credit scores as a group," she notes, using reasons such as the wealth gap between racial groups and other types of discrimination that makes it more difficult to pay off debt and easier to accrue.
"So that when you utilize credit history when you apply for jobs background checks you're kind of adding that disparity in racial status into the decision-making process for applicants," Wu says.
Those in favor say that credit checks offer employers insight into a prospective job applicant's judgement and decision-making that could impact their business in the near future.
You can check with your or your city government to learn whether employer credit checks are restricted in your particular area.
How can you prepare for an upcoming credit check?
Checking your own credit proactively allows you to see what an employer might do -and possibly correct any incorrect negative marks ahead of time.
You're entitled to at least one free credit report each week, directly from each of the three bureaus . If you discover any mistakes make sure you correct them through an .
After this, keeping your credit report clean is a smart financial move -- and will protect your credit score, too. Here's how:
Be sure to pay your bills promptly. The payment history is the single biggest influence on your credit score Making timely payments helps your scores while also keeping delinquent marks off your credit report.
Make use of credit available at a moderate rate. Experts say it's best to use any credit card at any given timeand that the lower limit is more beneficial. It shows you're not strained financially, and can also improve your scores because credit usage is the second most significant factor that affects them.
Check your credit report frequently. Certain websites for personal finance, such as NerdWallet provide a score that you can check at any time you'd like, giving you a way to regularly watch for negative marks.
On a similar note...
Dive even deeper in Personal Finance
Do all the right financial moves
To find more info about payday loan no credit check direct lender (bestlenders.ru) look into our web site.