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A Bad Credit Report Could Cost You a Job

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A Bad Credit Could Cost You a Job. A survey done by the Society for Human Resources, found that in 2009, 60 percent of the employers ran credit checks which were up from 42 percent in comparison to 2006. There was an increase of almost 50 percent. – PowerPoint PPT presentation

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Title: A Bad Credit Report Could Cost You a Job


1
A Bad Credit Could Cost You a Job
  • A survey done by the Society for Human Resources,
    found that in 2009, 60 percent of the employers
    ran credit checks which were up from 42 percent
    in comparison to 2006. There was an increase of
    almost 50 percent.

2
A Bad Credit Report Could Cost You a JOB!
  • Recently, I was at a 7-Eleven
  • to pick up a cup of coffee. I
  • noticed a local newspaper cover
  • page with the headline
  • A Bad Credit Report Could Cost You a Job.
  • I picked up the newspaper and started reading the
    article. It talked about, how in order to get a
    good job these days, more and more employers are
    pulling credit reports looking at their
    candidates Credit Profile.

3
A Bad Credit Report Could Cost You a JOB!
  • This is a very dire situation. A person,
    especially in todays economy, could have a bad
    credit report for a number of reasons, being laid
    off, medical issues, or for many other reasons
    and now they cant even get a job. It is really
    a, what came first, the chicken or the egg
    situation. The statistics that were shown in the
    newspaper referenced a survey that was done by
    the Society for Human Resources. They found that
    in 2009, 60 percent of the employers ran credit
    checks which are up from 42 percent in comparison
    to 2006. There was an increase of almost 50
    percent.

4
A Bad Credit Report Could Cost You a JOB!
  • What would you do if you had bad credit and at
    the same time no one wanted to hire you because
    of your bad credit?
  • I personally think this is discrimination and
    there should be a law suit filed against
    employers for discriminating against people
    because of their credit report.
  • If the person is qualified to do the job and for
    whatever reason they have a bad credit, that
    should not be the deciding factor to hire the
    employee. One possible option I see is that the
    employer can have a program for the employees
    with bad credit, and utilize Financial Education
    Services companies and organizations to help them
    fix their bad credit.

5
A Bad Credit Report Could Cost You a JOB!
  • There is good news though. WA and HI have banned
    this practice and there is a bill pending in
    Congress that would ban the use of credit reports
    for hiring. However, there is an exception for
    people in the financial services industry and
    certain government jobs in the bill.
  • Being in the financial Industry as a Certified
    Credit Counselor I would like to suggest certain
    tips that can help people with bad credit and how
    they can establish a good credit rating.

6
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • Tip 1 Using Your Credit Cards Effectively When
    using your Credit Cards keep in mind that it is
    money that you owe someone. The credit card
    companies have allowed you to use their money to
    be able to buy the things you want and need.
    However when credit cards are used effectively
    they can actually work in your favor. Most Credit
    Cards offer reward programs when you use the
    card. To get the most rewards, the key is to pay
    off your credit card balance every month.

7
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • Tip 2 Use only 27 percent of the available
    credit limit This is important. Anytime your
    balance on the credit card goes above 27 percent
    it can impact your credit negatively. So for
    instance if you have a credit limit of 5,000.00
    make sure to use only 1,400.00 maximum.

8
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • Tip 3 Never close any Credit Cards This is
    very important. Your length of credit history and
    the total available credit limit is a big factor
    in the calculation of the credit score. Every
    time you close an account it is going to reduce
    your available credit limit and if you have had
    this card for a long time it will also wipe out
    the history you have established for all those
    years.

9
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • Tip 4 Pay all your bills on or before the due
    date This factor alone counts for 35 for the
    calculation of your credit score. This is what
    establishes your credibility which as you know,
    is very important in life as well. This also
    reflects on your personal life. One of the
    reasons more employers have started looking at
    credit report before they hire an employee is
    this, to see how the employee manages things in
    their life. If a person can manage things in life
    well, they will be responsible at the job as well.

10
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • Tip 5 Have a plan If you currently have bad
    credit and do not know where to start then I will
    share with you a simple and an effective plan.
    First if you dont have a credit card, get one. A
    good number of credit cards to have is 2, in
    addition to a home mortgage and a car loan. There
    are two different types of credit cards that you
    can get started with, one is a secured credit
    card and other is unsecured credit card. The
    secured credit card is where a lender or a bank
    will take a deposit for the amount and then issue
    you a credit card, usually for less than the
    amount of the deposit. I personally would only go
    to banks that will give a credit limit equal to
    the amount of your deposit.

11
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • The other way is to apply for a credit card that
    works with a direct deposit from your employer.
    The way that works is when you have your salary
    directly deposited to the institution they will
    issue a credit card, instead of a debit card.
    Every time you use the credit card, even though
    the money is being taken out of your account, it
    is reflected as a credit transaction and it is
    reported to the credit bureaus and reflects on
    your credit report. It is a good way to get
    started. Here is an Unsecured Credit Card that
    would provide you that type of program.

12
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • One important thing to remember, which is
    unfortunate, is that a lot of businesses make
    money from people who are not able to manage
    their finances well. Think about it, who pays the
    most and at the same time earns or keeps the
    least. If you have bad credit, you are going to
    pay a higher interest rates than people who have
    excellent credit. When you are suffering with bad
    credit you may have to use the services of a
    company that can help you establish your credit,
    you may have to file a bankruptcy, do a loan
    modifications, pay higher interest rate on car
    loans, insurance rates, mortgage interests etc.
    You see where I am heading life is going to cost
    you more.

13
A Bad Credit Report Could Cost You a JOB! Credit
Repair Tips
  • I hope all this information was helpful and
    useful to you at the same time.
  • NOTE Get your credit report and score improved.
    Use one of the Best Financial Education
    Services company in the market.
  •  
  • Ashwini Jindal is a Credit Repair Consultant
    with Financial Education Services and has been
    helping his clients improve their credit scores
    from the low 500s to high 700s. Visit for further
    information.

14
Contact For Free Consultation
  • Ashwini Jindal
  • Credit Repair Consultant
  • Email AJEasyCredit_at_Gmail.com
  • Phone 801-448-2426
  • Website Http//CreditRepair.AshwiniJindal.com
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