Why Monitoring Credit Your Reports Is Good For Your Career
The unfairness of life constantly amazes me. Today I was reading an article [spin]that appeared in a major periodical. The article contained a shocking bit of information: As many as 43 percent of employers use credit scores as part of the vetting process for new hires.
To some extent, this is understandable. In some cases, the employer may require an employee to take expenses out of their personal accounts and those employees later for the out-of-pocket expenses. An employee whose credit is tarnished might encounter difficulties on a business trip where their card gets declined. And let’s face it, it just might not be prudent to hire someone with a history of not paying their bills on time. That is understandable on a theoretical level.
What I don’t understand is how companies can continue this practice in the present bad economic climate. There must be millions of great potential hires out there whose credit ratings have slipped due to circumstances over which they had no control. Maybe you are among them. Maybe it wasn’t your fault that you could not pay your bills on time when you were out of work.
It seems to me that the time and energy employers spend poking around in people’s personal business would be better spent — oh, I don’t know — talking to the potential employees or maybe even giving their former supervisors a call. It just seems totally unfair that this figure calculated by the credit bureaus is so important.
You know what the worst part of it is? According to a recent study, at least 25 percent of credit reports contain errors. Since we all have three credit reports, that means that one in every two people have an error in their credit report. In that case, it really is not your fault, and it is completely unjust that a person could be effectively prohibited from earning a living.
Another cause of poor credit beyond a person’s control is ID theft. Don’t even get me started on that one. Read some of my past articles to get my take on it. Someone’s credit rating can be absolutely ruined by these criminals, and a ruined credit rating can cost them job opportunities.
It doesn’t seem right, but that’s the world we live in. To deal with reality, then, it is important to [spin]monitor one’s credit rating.
What is the best way to keep track of credit ratings? Well, there is an easy way and a hard way. The easy way is to subscribe to a service that contacts you regularly about any activity in your reports. If you go this route, make sure that your service monitors all three major credit bureaus. An error reported by Equifax may not be picked up by Experian or Trans-Union.
The second way is to take advantage of the law. All residents of the U.S. are entitled to a free copy of each of their credit reports annually. The disadvantages are that you only get one update per year and that you have to actually contact the bureaus yourself.
In any case, monitor your reports. It could save your career.
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