Bad credit can affect more than you think!
We live in a fast-paced world where employee productivity and efficiency influence the survival of a business.
During these tough economic times employers are taking extensive measures to select the right candidates, including looking at credit reports.
Why is your credit report relevant? Because a quick peek at your credit report reveals a lot about your honesty, reliability and time management skills. And with such a high unemployment rate, businesses want to hire the cream of the crop.
3 ways a bad credit report can hurt your chances of getting a job:
- Employers know that bad credit can affect every area of your life. Being hounded by collection agencies can be extremely distracting to your home and work life. It can cause a lot of stress and undue absence, as well as affect your mood and level of performance.
- Employers might believe that you don’t take the contracts you sign or your obligations seriously. To some bosses, a bad credit report can make you look irresponsible and untrustworthy. Above all else, businesses want people with a proven track record for following through.
- A bad payment history could show potential employers that you have trouble sticking to a schedule. In such a technologically-advanced age – with email reminders and late payment notifications – there are few excuses for forgetting or mismanaging your finances. Chronic late payments could send the wrong message.
Bottom line: A company’s reputation and profitability depend on their employees. Businesses want to hire people that are productive and dependable. They want employees that will show up on time, follow through on their commitments, and manage the tasks they are given, on time.
The fact of the matter is that many bosses believe that if you can’t manage your own affairs, you can’t possibly manage theirs.
Nowadays, employers are relying upon personal and financial background checks before deciding who to hire. Keep this in mind if you suffer from bad credit: