For 2 Year Old Car Insurance Must Offer Oem Parts Credit Report and Scores – A Bad Credit Report Could Cost You A Job

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Credit Report and Scores – A Bad Credit Report Could Cost You A Job

Recently, I was at 7-Eleven to get 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 to get a good job today, more and more employers pull credit reports and look at their candidates Credit Profile.

This is a very dire situation. A person, especially in today’s economy, could have a bad credit report for a number of reasons, laid off, medical issues or many other reasons and now they can’t even get a job. It’s really a what came first, “the chicken or the egg” situation. The statistics that were shown in the newspaper referenced a survey that was conducted by the Society for Human Resources. They found that in 2009, 60 percent of employers ran credit checks, which is up from 42 percent in 2006. It was an increase of almost 50 percent.

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 bad credit, that should not be the deciding factor in hiring the employee. One possible option I see is that the employer can have a program for the employees with bad credit, and use Financial Education Service companies and organizations to help them fix their bad credit.

There is good news though. WA and HI have banned this practice and there is a bill pending in Congress that would prohibit the use of credit reports for employment. 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 some tips that can help people with bad credit and how they can establish a good credit rating.

Tip #1: Using Your Credit Cards Effectively: When you use your Credit Cards remember that it is money that you owe to 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 rewards programs when you use the card. To get the most rewards, the key is to pay off your credit card balance every month.

Tip #2: Use only 27 percent of the available credit limit: This is important. Anytime your credit card balance exceeds 27 percent, it can negatively affect your credit. So for example if you have a credit limit of $5,000.00, make sure to use only $1,400.00 maximum.

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 will reduce your available credit limit and if you have had this card for a long time, it will also erase the history you have established over all those years.

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 your personal life. One of the reasons that more employers have started looking at a credit report before they hire an employee is this, to see how the employee manages things in his life. If a person can manage things well in life, he will also be responsible at work.

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 effective plan. First, if you don’t have a credit card, get one. A good number of credit cards to have is 2, in addition to home mortgage and car loan. There are two different types of credit cards that you can start with, one is a secured credit card and another is an unsecured credit card. The secured credit card is where a lender or 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.

The other way is to apply for a credit card that works with direct deposit from your employer. The way it works is when you have your salary directly deposited into 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 taken from your account, it is reflected as a credit transaction and it is reported to the credit bureaus and considered on your credit report. It’s a good way to start.

One important thing to remember, which is unfortunate, is that many businesses make money from people who are unable to manage their finances well. Think about who pays the most and at the same time earns or keeps the least. If you have bad credit, you will pay higher interest rates than people who have excellent credit. When you suffer 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 for bankruptcy, do loan modifications, pay a higher interest rate on car loans, insurance rates, mortgage. interests etc. You see where I’m going; life will cost you more.

I hope all this information was helpful and useful to you at the same time.

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