A resume is a must-have for a job. It has always been this way.
Employers require it because they want to know about your job
experience, years of commitment, and acquire some sense of the applicant
they look to bring into the company. They would also like to have your
resume so as to contact former employers. While most business owners
lack the free time to call each applicant’s job contacts, some
applicants who seem “on the fence” between hire and reject are often the
ones whose former employers receive unwanted phone calls where they
must “spill the beans” about the individual in question.
You may not know it, but the recession has brought a new resume to the table for applicants: the credit report. The Fair Credit Reporting Act, Section 604 (page 12) states that a consumer credit report can be furnished to an employer “for employment purposes.” Page 13 of the Fair Credit Reporting Act (FCRA) states that employers can only use an individual’s credit report if they agree to use it with regard to equal opportunity employment, and agree not to violate federal or state anti-discrimination laws. This seems to indicate that despite varying credit scores, employers cannot use these laws to hire and fire at whim. Fox News reports that a study done by the Society for Human Resource Management showed that sixty percent of American employers use credit checks for the purpose of screening potential employees prior to the interview process. This means that you may have to defend your credit score in the applicant process.
In the same report, Fox News reports that a LSU Management Professor Daniel Whitman did a study on credit reports and their role in employment screening. One of the correlations found in his study suggests that an applicant’s credit score indicates (to some extent) his or her job performance post-hire. Credit scores also influence one’s on-the-job behavior, a reasonable assessment that may make credit scores a tremendous part of an applicant’s resume and interview process.
Despite the seemingly positive benefit for employers, however, the verdict is not yet in on whether or not this is a beneficial practice. There is a correlation between credit scores and performance, but how far can an employer take this correlation? Can this be a standard correlation used for all applicants? It could just as easily be said that an applicant’s bad credit score pertains to some medical illness for which the applicant cannot pay his or her medical bill fast enough; the applicant may desperately need the job in question in order to meet rising medical costs. In my mind at least, this (along with a stellar resume) would make the applicant an excellent hire for my business. A bad credit score does not necessarily indicate poor job performance. Someone who desperately needs a job may be willing to make more sacrifices and work longer hours than someone whose financial situation does not necessitate long hours or special on-the-job sacrifices. Humans are, by default, complex beings that cannot be accurately contained into statistics and percentages.
Two years ago, CBS News did a study on credit scores and credit reports. It found that many consumers confuse the idea of credit scores versus credit reports. The two are not the same; employers investigate credit reports, not scores. With that being said, John Ulzheimer of CBS News stated that employers use what he calls a “specifically designed version” of your credit report, one that is different from the credit report provided for lending companies and credit card agencies.
Despite the seeming assurance Ulzheimer’s statement provides, we should ask ourselves: what is found on the “specifically designed version” of the consumer credit report? Ulzheimer does not tell us, and we are left with questions to which there are no answers. Additionally, even if the report supplies employers with numbers that pertain to other items (such as personality, performance, and so on), are these numbers accurate assessments of individuals? The answer to that is a resounding “No, not at all.”
We here at BestCreditReports.com want to stress the need for an excellent credit report. We cannot assure you that employers will not discriminate in who they hire and fire, nor can we promise that your personality and work experience will secure you the position that you want at any given company. What we can assure you of is the fact that many employers (in states where applicant credit checks are legal) will investigate your credit report—and you need to know that it can cost you in more ways than one. Do not let a bad credit score and report keep you from financial prosperity. Contact us to receive your free credit report today.
Get more information about credit monitoring, credit monitoring service, credit score monitoring, credit reports Please CLICK HERE
Source: http://www.bestcreditreports.com/blog/
You may not know it, but the recession has brought a new resume to the table for applicants: the credit report. The Fair Credit Reporting Act, Section 604 (page 12) states that a consumer credit report can be furnished to an employer “for employment purposes.” Page 13 of the Fair Credit Reporting Act (FCRA) states that employers can only use an individual’s credit report if they agree to use it with regard to equal opportunity employment, and agree not to violate federal or state anti-discrimination laws. This seems to indicate that despite varying credit scores, employers cannot use these laws to hire and fire at whim. Fox News reports that a study done by the Society for Human Resource Management showed that sixty percent of American employers use credit checks for the purpose of screening potential employees prior to the interview process. This means that you may have to defend your credit score in the applicant process.
In the same report, Fox News reports that a LSU Management Professor Daniel Whitman did a study on credit reports and their role in employment screening. One of the correlations found in his study suggests that an applicant’s credit score indicates (to some extent) his or her job performance post-hire. Credit scores also influence one’s on-the-job behavior, a reasonable assessment that may make credit scores a tremendous part of an applicant’s resume and interview process.
Despite the seemingly positive benefit for employers, however, the verdict is not yet in on whether or not this is a beneficial practice. There is a correlation between credit scores and performance, but how far can an employer take this correlation? Can this be a standard correlation used for all applicants? It could just as easily be said that an applicant’s bad credit score pertains to some medical illness for which the applicant cannot pay his or her medical bill fast enough; the applicant may desperately need the job in question in order to meet rising medical costs. In my mind at least, this (along with a stellar resume) would make the applicant an excellent hire for my business. A bad credit score does not necessarily indicate poor job performance. Someone who desperately needs a job may be willing to make more sacrifices and work longer hours than someone whose financial situation does not necessitate long hours or special on-the-job sacrifices. Humans are, by default, complex beings that cannot be accurately contained into statistics and percentages.
Two years ago, CBS News did a study on credit scores and credit reports. It found that many consumers confuse the idea of credit scores versus credit reports. The two are not the same; employers investigate credit reports, not scores. With that being said, John Ulzheimer of CBS News stated that employers use what he calls a “specifically designed version” of your credit report, one that is different from the credit report provided for lending companies and credit card agencies.
Despite the seeming assurance Ulzheimer’s statement provides, we should ask ourselves: what is found on the “specifically designed version” of the consumer credit report? Ulzheimer does not tell us, and we are left with questions to which there are no answers. Additionally, even if the report supplies employers with numbers that pertain to other items (such as personality, performance, and so on), are these numbers accurate assessments of individuals? The answer to that is a resounding “No, not at all.”
We here at BestCreditReports.com want to stress the need for an excellent credit report. We cannot assure you that employers will not discriminate in who they hire and fire, nor can we promise that your personality and work experience will secure you the position that you want at any given company. What we can assure you of is the fact that many employers (in states where applicant credit checks are legal) will investigate your credit report—and you need to know that it can cost you in more ways than one. Do not let a bad credit score and report keep you from financial prosperity. Contact us to receive your free credit report today.
Get more information about credit monitoring, credit monitoring service, credit score monitoring, credit reports Please CLICK HERE
Source: http://www.bestcreditreports.com/blog/
