Can you get a job with Bad Credit?
March 8, 2011
Author: Allison K.Watkins
If you are suffering from bad credit, it becomes quite difficult to get a job. This is because bad credit is certainly not a very good sign in your credit report and employers are quite vary about employing people who have credit problems. They can find about the bad credit while doing your credit check.
According to reports from Wall Street Journal, employers are very particular about conducting background check to ensure that the image of the company is not spoilt. Bad credit can be caused due to reasons like inability to not pay your mortgage or credit cards. This has led to various other problems for job seekers like loan defaults, mortgage modifications, foreclosures, high credit card debt which will further affect the credit reports. All this can be reasons to evade potential employers.
Apart from this, due to increase in unemployment rate, there is severe competition among individuals to get a suitable job of choice. Due to this, if you have a bad credit and your counterpart has good credit, then the ideal choice for the employer would be to give the job to your counterpart as you are at a higher risk to the employer.
Federal Fair Credit Reporting Act (FCRA), enables employers to do a background check and credit check on you if you are a prospective employee. This can however, be done only if you agreed for the credit check. But in case you refuse for the same then it can be an indication to the employers that you are avoiding a check which can affect you further.
Getting a Job after Bad Credit
If you are affected by a bad credit, then you can get a job of your choice if you follow certain actions like:
- Immediately develop a strategy to revive your credit score. Pay up your credit cards and bills on time and avoid unnecessary expenditures. You can sign up with annualcreditreport.com or other paid sources to help you get easy access to your credit report and you can monitor it regularly. You can also check for any kind of errors and intimate credit bureaus immediately if you detect any. You also opt for a secured credit card or a bad credit card which informs the three credit reporting bureaus about your financial transactions and ensures that payment is done regularly to improve your credit report.
- Analyze your financial situation and the reason behind the mess. According to the FCRA, you are allowed to challenge your credit report if they are accurate or have some errors in them. Your creditor has about 30 days to respond so that you can rectify any error.
- You can even find an employer who might be fine to hire you in spite of your poor credit scores. You might have to work hard to find a suitable one and apply for many jobs.
- Be truthful and upfront about your financial situations and your bad credit with the employer and indicate to them about the reasons for the mess and how you plan to handle the situation responsibly. Prove to the employer your worthiness and make him hire you in spite of your bad credit.
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