Just like grades represent our academic intellectuality, the credit score plays a major role in reflecting our financial skills. What all you did before really matters when it comes to the credit score conduct. A good FICO score is something every one of us wishes for. A decent credit score is mandatory for every one of us. Bad credit history might display bad conduct of an individual which might even show some hard-hitting impact during the job hunting process.
Not just the job hunt, it even shows dire effects when you work on getting another credit, and when you’re that one guy with a bad score who wants a home loan or a car loan, then you’re screwed. But, after all, the way it affects the job process is a lot more painful, and let us tell you how it does so!
On the logical interpretation, you might wonder how your professional ability could be judged with respect to the credit history! Well, in this case, you’re not alone, we feel you brother. Coming to the facts, a majority of employers today are doing some background check on the prospective employees. From their point of view, it is believed that, if you are a person who is applying for a job in the financial field, your credit history reveals things that are necessary to know.
However, there are streams of work which make confidence the major factor, but, these days every major company is keeping an eye on the employee’s personality and approach towards money. A poor credit score can immediately fetch a red flag. Moreover, the employers these days are voicing their feelings on the interviewee’s face. They are performing the credit check part as a part of the normal hiring procedure.
Considering all this hypothetical drama, it is suggested that you must repair the damage, the status of your credit score before it impacts your job hunting process.
As per the current laws, every individual is entitled to get one free credit report from each of the three prominent credit bureaus (Experian, Equifax, and TransUnion). There might be things in your report which you dismay and they might leave you in surprise, but, there’s a pro here, you’re protected by the laws under the ‘Fair Credit Reporting Act’ which prohibits the credit bureau from keeping the negative items on your credit report. You can start dealing with the bad history by asking them to remove the negative terms. You have the right to do so.
However, from your side, you might have to be little handy with the laws, as competent as the knowledgeable credit correction attorney who can deal with the problems like a boss. Meanwhile, they can also be ineffective and waste your valuable time when used by a well-meaning but ill-informed do-it-yourselfer. So, learn using the resources available on the Internet, and always keep a check on removing the negative terms present on the credit report.
Imagine if there is a moment when you have to clear some old debt just before applying for your dream job, and you might be thinking that just as you pay it off, you must be rewarded in some way as you took the responsibility of the debt, but, no! it doesn’t work that way. Just as you pay off that old debt, the clock on the negative item starts ticking again, because now that old debt has become a new debt, and down goes your credit score. Not at all what you intended.
If you live in a bubble imagining that you could get some incredible support from the major credit bureaus, then you should wake up and know that it isn’t going to be so. There might be chances that the bureaus will be less helpful or completely irresponsive to your appeals, which means that you are solely responsible for your score and status all the way.