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Topics addressed on July 12, 2006:
Why late payments can keep you from getting a job
I applied for a teller position at a bank. I was turned down. They said it had to do with a delinquency on my credit report. Why can they turn you down for a past delinquency?
Many businesses review credit histories as part of the job application process, particularly for jobs that require money handling or money management.
The first issue is that if a person cannot manage their own finances well, there is a greater likelihood they will not be able to manage the company’s finances well. Further, people with financial difficulties represent a higher risk of mishandling the company’s finances. To put it directly, if a person is having difficulty paying their bills, they may have a greater temptation to steal money from the company.
A credit report is only one factor considered, but in a highly competitive job market, a single late payment can make the difference between you and another job applicant.
I suggest you get a copy of your credit report and a credit score report, such as your VantageScore.
The score will give you a good idea of your overall creditworthiness and how lenders – and employers – will view your credit history. The risk factors provided with the score will give you the insight you need to improve your credit history and as a result, your credit score and your chances for landing the next job for which you apply.
Thanks for asking.
- The "Ask Experian" team