by Caroline Levchuck
hotjobs.yahoo.com
Employers are taking greater measures to screen employees than ever before. Gone are the days of simple reference checks. Drug testing and criminal background checks have become a common part of the sreening process -- as have credit checks.
While an employer -- current or prospective -- cannot view your credit report without your written permission, it's wise to expect to be asked to submit to a credit check at some point.
Why Your Credit Counts
While other types of employee screenings seem to be more accepted and understood, many job seekers are baffled as to what bearing their personal credit has on their ability to do a job.
Some employers use credit checks as a simple character reference tool. A good credit report may indicate trustworthiness and reliability to a hiring manager. Others may use a credit report to learn if your debt load is too high for the salary a particular position pays. This could suggest that you might not remain in the position for very long.
Of course, all of this is very speculative and many job seekers consider it an unfair screening tool. However, the reality remains that credit checks are now a normal part of job seeking.
Read Your Reports
To begin cleaning up your credit requires that you know what the status of your credit is. You are entitled to one free report from each of the three major consumer-reporting agencies (CRAs) if: you're unemployed and plan to look for a job within 60 days, you're on welfare, or your report is inaccurate because of fraud. Otherwise, a CRA could charge you a fee for a copy of your report.
Equifax P.O. Box 740241 Atlanta, GA 30374-0241
(800) 685-1111
Experian P.O. Box 2104 Allen, TX 75013
(888) EXPERIAN (888-397-3742)
Trans Union P.O. Box 2000 Chester, PA 19022
(800) 916-8800
Be aware that more than debts can show up on a credit report. Lawsuits, defaults on student loans, information reported because of an application for a job with a salary of more than $75,000, criminal convictions, and information reported because of an application for more than $150,000 worth of credit or life insurance can all appear for an unlimited amount of time, while most debts and payment histories appear for an average of seven years.
Once you have your reports, thoroughly vet each for inaccuracies or outdated items.
Roll Up Your Sleeves
Are there inaccuracies on any of your credit reports? Righting the wrongs can be as simple as asking each agency for a dispute form or submitting the dispute in writing. In each case, send copies (not originals) of any documentation you have pertaining to each dispute.
The agencies will conduct investigations into each claim and if it is revealed that there was an error, you can request that a corrected version of the report be sent to anyone, such as prospective employers, recruiters, etc., who has received a report for employment purposes in the last two years.
In the case that the investigations do not resolve your disputes, you can ask the CRAs to place a statement about each dispute in your file and in future reports. You may also request that the statement be provided to those who viewed your report recently. Note that you may need to pay an additional fee for this.
Know Your Rights
Because employers must get your permission to run your credit, you can always ask why they want to do so -- or you can refuse. Frequent credit checks adversely affect your credit so agree only when it is absolutely necessary or further along in the hiring process. While refusing could put you out of the running with some companies, not all employers or all jobs require credit checks.
If information in a credit report results in a negative employment decision, you are required to be notified promptly.
Continue to keep your credit clean after you get a job. Once you're hired, an employer can choose to periodically pull credit reports as long as you've been given notice that this could occur. If you're not sure if you've received a "separate document notice," ask.
If you feel you've been the victim of unfair business practices by a company or a CRA, contact the Federal Trade Commission at:
Consumer Response Center -- FCRA Federal Trade Commission 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580 (877) FTC-HELP (877-382-4357)
hotjobs.yahoo.com
Employers are taking greater measures to screen employees than ever before. Gone are the days of simple reference checks. Drug testing and criminal background checks have become a common part of the sreening process -- as have credit checks.
While an employer -- current or prospective -- cannot view your credit report without your written permission, it's wise to expect to be asked to submit to a credit check at some point.
Why Your Credit Counts
While other types of employee screenings seem to be more accepted and understood, many job seekers are baffled as to what bearing their personal credit has on their ability to do a job.
Some employers use credit checks as a simple character reference tool. A good credit report may indicate trustworthiness and reliability to a hiring manager. Others may use a credit report to learn if your debt load is too high for the salary a particular position pays. This could suggest that you might not remain in the position for very long.
Of course, all of this is very speculative and many job seekers consider it an unfair screening tool. However, the reality remains that credit checks are now a normal part of job seeking.
Read Your Reports
To begin cleaning up your credit requires that you know what the status of your credit is. You are entitled to one free report from each of the three major consumer-reporting agencies (CRAs) if: you're unemployed and plan to look for a job within 60 days, you're on welfare, or your report is inaccurate because of fraud. Otherwise, a CRA could charge you a fee for a copy of your report.
Equifax P.O. Box 740241 Atlanta, GA 30374-0241
(800) 685-1111
Experian P.O. Box 2104 Allen, TX 75013
(888) EXPERIAN (888-397-3742)
Trans Union P.O. Box 2000 Chester, PA 19022
(800) 916-8800
Be aware that more than debts can show up on a credit report. Lawsuits, defaults on student loans, information reported because of an application for a job with a salary of more than $75,000, criminal convictions, and information reported because of an application for more than $150,000 worth of credit or life insurance can all appear for an unlimited amount of time, while most debts and payment histories appear for an average of seven years.
Once you have your reports, thoroughly vet each for inaccuracies or outdated items.
Roll Up Your Sleeves
Are there inaccuracies on any of your credit reports? Righting the wrongs can be as simple as asking each agency for a dispute form or submitting the dispute in writing. In each case, send copies (not originals) of any documentation you have pertaining to each dispute.
The agencies will conduct investigations into each claim and if it is revealed that there was an error, you can request that a corrected version of the report be sent to anyone, such as prospective employers, recruiters, etc., who has received a report for employment purposes in the last two years.
In the case that the investigations do not resolve your disputes, you can ask the CRAs to place a statement about each dispute in your file and in future reports. You may also request that the statement be provided to those who viewed your report recently. Note that you may need to pay an additional fee for this.
Know Your Rights
Because employers must get your permission to run your credit, you can always ask why they want to do so -- or you can refuse. Frequent credit checks adversely affect your credit so agree only when it is absolutely necessary or further along in the hiring process. While refusing could put you out of the running with some companies, not all employers or all jobs require credit checks.
If information in a credit report results in a negative employment decision, you are required to be notified promptly.
Continue to keep your credit clean after you get a job. Once you're hired, an employer can choose to periodically pull credit reports as long as you've been given notice that this could occur. If you're not sure if you've received a "separate document notice," ask.
If you feel you've been the victim of unfair business practices by a company or a CRA, contact the Federal Trade Commission at:
Consumer Response Center -- FCRA Federal Trade Commission 600 Pennsylvania Avenue, N.W., Washington, D.C. 20580 (877) FTC-HELP (877-382-4357)
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