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Regarding Hiring, Should Companies be able to Check your Credit?

Regarding Hiring, Should Companies be able to Check your Credit?


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The Giant Noodle

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Regarding Hiring, Should Companies be able to Check your Credit? Is it THEIR business?
Even IF bad credit does statistically say you are more likely to steal, should a company know what your personal finances are?

Why?
Why NOT?
 

TurtleDude

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It depends. If you are applying to be a construction worker or a table busser probably not. If you are applying to be a federal prosecutor, a bank controller, an FBI special agent, or an accountant probably so.
 

jamesrage

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I voted "NO! My finances should NOT dictate what company hires me!". They are not loaning me money so its none of their damn business what my credit score is. Whether or not I owe money to someone is none of the employer's business. Companies should be banned from accessing records like that for the purposes of hiring.
 
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lizzie

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I don't even believe a company should be able to drug test without you giving them a reason to suspect drug use, so hell no, they should not be able to check your credit rating.
 

TurtleDude

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I don't even believe a company should be able to drug test without you giving them a reason to suspect drug use, so hell no, they should not be able to check your credit rating.
don't try to get a job with a federal law enforcement agency then
 

lizzie

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don't try to get a job with a federal law enforcement agency then
Not to worry- I have no interest in law enforcement as a career. That being said, I'm not saying that I don't work for a company who does these things, it's just that I think it's none of their business.
 

ludahai

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Regarding Hiring, Should Companies be able to Check your Credit? Is it THEIR business?
Even IF bad credit does statistically say you are more likely to steal, should a company know what your personal finances are?

Why?
Why NOT?
If you are handling money, I would agree with this. However, if you are in a position where you are not dealing directly with money, I don't see what point this would serve.
 

TurtleDude

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Not to worry- I have no interest in law enforcement as a career. That being said, I'm not saying that I don't work for a company who does these things, it's just that I think it's none of their business.
I think its pretty much the employer's call and I agree with you-if you don't want an employer doing that its your absolute right not to apply for a job with such an employer. but if someone applies for a job handling say my money or your stocks or someone else's pensions I sure don't want someone who is facing bankruptcy or foreclosure doing that.
 

mikhail

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most thieves are thieves it doesent matter about their situation.
 
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lizzie

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. but if someone applies for a job handling say my money or your stocks or someone else's pensions I sure don't want someone who is facing bankruptcy or foreclosure doing that.
I understand your concerns, but a good credit rating does not always correlate to personal integrity. I've known plenty of people of great moral character who are bad credit risks, and plenty of people who are morally bankrupt that have good credit ratings.
 

mikhail

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I think its pretty much the employer's call and I agree with you-if you don't want an employer doing that its your absolute right not to apply for a job with such an employer. but if someone applies for a job handling say my money or your stocks or someone else's pensions I sure don't want someone who is facing bankruptcy or foreclosure doing that.
Well maybe stockbrokers should have an offical sucess fail rate.But for most jobs i dont think it matters.
 

TurtleDude

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I understand your concerns, but a good credit rating does not always correlate to personal integrity. I've known plenty of people of great moral character who are bad credit risks, and plenty of people who are morally bankrupt that have good credit ratings.
true and there are guys with perfect SAT scores and top of their class who flunk out of college and there are people who barely got into college but graduate Summa cum Laude but there is a reasonable correlation I think between a good credit rating (which can establish something other than personal integrity-someone about to go bankrupt might be easier "bought" than someone who is flush)

but the bottom line is I believe those who run businesses should have a great deal of latitude in what they can do as to hiring and firing.

that is my main point
 

jujuman13

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Yes for instances where money needs to be handled as part of the job.
However if handling Money is not part of the job, then NO.
 

lizzie

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but the bottom line is I believe those who run businesses should have a great deal of latitude in what they can do as to hiring and firing.

that is my main point
You're right, it's just that I tend to view the world through libertarian lenses as an employee rather than as an employer. I do see your point though.
 

obvious Child

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Can someone explain the logic to me of why your credit ranting goes down with an employment credit check?

I don't have real problems with credit checks by potential employers aside from that instance. Trying to get a job shouldn't hurt your credit rating.
 

TurtleDude

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Can someone explain the logic to me of why your credit ranting goes down with an employment credit check?

I don't have real problems with credit checks by potential employers aside from that instance. Trying to get a job shouldn't hurt your credit rating.
hard to say-some feds with high security clearances get delayed on instant background checks to buy guns because there is constant activity of government agencies checking on them. But it seems having your credit checked should be neutral
 

MaggieD

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Are you sure it does? I know if one is buying a home and shopping for mortgages, as an example, multiple credit checks don't effect their scores -- if done within a specific timeframe. I don't think your score is effected by a single credit check; multiples, of course, bring scores down. Maybe it's just a matter of a computer program not being written to take into account the "reason" for the check. If that's the case, that's just not right, in my opinion.

Unless a credit check is done in anticipation of extending credit, why would it impact one's credit?
 

Dittohead not!

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Can someone explain the logic to me of why your credit ranting goes down with an employment credit check?

I don't have real problems with credit checks by potential employers aside from that instance. Trying to get a job shouldn't hurt your credit rating.
Maybe the credit raters figure that if you're looking for work, you may soon be unemployed? That's the only reason I can think of why it would affect your credit score.

Sure, an employer should be able to screen out deadbeats before hiring. If you have twenty five applicants, and want to get the best one, then one factor could well be the guy who pays his bills. It shows responsibility.

I once had a deadbeat tenant who didn't pay rent. In the end, I went to his employer to attach his wages, this after having taken the **** to court. He paid up when the employer told him he'd be fired if his wages were attached. Employers like responsible employees for some reason or other.

I didn't want him to be fired, of course. I'd never had gotten my money if he had been.
 

obvious Child

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hard to say-some feds with high security clearances get delayed on instant background checks to buy guns because there is constant activity of government agencies checking on them.
Not relevant

But it seems having your credit checked should be neutral
But as I understand the formula, it's an inquiry and generally results in 5 point decline for a single with rapidly rising deductions the more inquiries that you apply for. So if you apply for 10 jobs and all 10 check your credit, that will hurt considerably.

That makes no sense.
 

TurtleDude

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Not relevant



But as I understand the formula, it's an inquiry and generally results in 5 point decline for a single with rapidly rising deductions the more inquiries that you apply for. So if you apply for 10 jobs and all 10 check your credit, that will hurt considerably.

That makes no sense.
I agree with you but just as the case of the cops-lots of activity might (based on some statistical predictor) suggest a problem

Nothing more nothing less.
 

molten_dragon

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Absolutely not. Your credit score is completely irrelevant to your ability to do your job.
 

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Regarding Hiring, Should Companies be able to Check your Credit? Is it THEIR business?
Even IF bad credit does statistically say you are more likely to steal, should a company know what your personal finances are?

Why?
Why NOT?
A bad credit score says a lot more than whether you are more likely to steal. It tells an employer whether or not he may have to deal with the inconvenience of garnished wages. Whether or not an employee is easily focused on his job, or whether his/her life is filled with drama. Whether or not a person is delinquent in child support payments....certainly a reflection on character. Whether or not an employee has a gambling problem (found that out once through bounced check reports at casinos). Whether or not he/she exercises good judgement. Is responsible.

I think they're just beginning to pass laws that make it illegal for prospective employers to routinely run credit checks. I've never done it personally. When employers are getting 200 applicants for one job, I don't think it's particularly unreasonable that they use that as one criteria. I do think, if they ARE going to run a credit check, they should have to ask the prospective employee if he would like to comment on anything in their report. In other words, offer an explanation.
 

TurtleDude

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Absolutely not. Your credit score is completely irrelevant to your ability to do your job.
I disagree but setting that aside-does an employer have the right to do it even if it is not relevant? again, I say yes. If you don't like an employer checking your credit score, don't apply to work there
 

roguenuke

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I think yes, but only in certain situations. I think that it should be part of a screening process for jobs that handle huge amounts of money directly or secrets (either private or government). It is a part of a screening process for a government security clearance and private companies like seeing a security clearance for some jobs. But as in a security clearance, it shouldn't be the only consideration (unless you obviously owe more money than the job itself could pay back). Let's face it, if you owe $1M or more and the job only pays $60K a year or less, but has the potential or even temptation of giving you a way to pay your debt off faster, then you are obviously a security risk, even if you are completely honest.
 

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Regarding Hiring, Should Companies be able to Check your Credit?
I don't see why not. :shrug:

Although in the sorts of jobs I work, I doubt it would be much of an issue.
It can be assumed that all applicants would probably have bad credit.
Half the employees are uninsured; if nothing else, they probably have a lot of unpaid medical bills.
 
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