The One Thing That Could Stand Between You and Your Dream Job: Your Credit Score

Your educational qualifications and past work experiences are common parameters that any employer would generally check into before offering you a job. But have you ever thought your credit score does play a critical role in your job search? Many companies do a check on your credit history to evaluate your potential and credibility. It sounds highly unlikely. Let us explore more in detail how your credit score can have an impact on your employment opportunities.

Reasons why an employer do a background check on your credit history?

Reliability and trustworthiness: Your credit report holds the history of your past repayments on personal loans and credit cards, and foreclosures if any. The report could be either positive or negative. But it is an indicator of your relationship with the banks and lenders. Paying bills on time shows how much you are willing to be responsible and reliable as a borrower. Late payments are signs of being unpunctual, forgetting important events etc.

Employers who offer jobs in financial services may want you to handle the wealth and financial information of their clients. If you have not managed your own credit efficiently, the organisation might lose trust in you to handle bigger projects. Failure to maintain a positive credit score might curtail your job opportunities however well you have performed in the interview.

Bad credits are examples of lack of consistency: You may be going through problems such as medical treatments, divorce, foreclosure or huge debts which could result in poor credit management. However, organisations are very particular about your consistency as your work should not suffer because of your personal problems. It is always easy for them to choose a person with a good credit history.

Ways to prevent bad credit affecting your job search

•    Keep a check on your credit health. Maintaining a high credit score will boost your confidence and be an added advantage for your promotions and so on.
•    If a major event wreaked havoc on your credit history, leaving negative imprints, explain it to your employers and assure them to clear it immediately.
•    Monitor your credit score regularly. Sometimes an error in the credit report which you were not aware can play a spoilsport in your job search.
•    Ensure that your credit card bills and personal loans are paid on time. Late payments are sure to create a negative impression on your credit score.

Building a good credit history is as important as developing your career. It is the proof of how you have conducted yourself in the past. Don't let your bad credit score take away the opportunities you deserve. To view your credit score and to build a healthy credit history log on to CreditMantri.