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Job Hunting with Bad Credit |
By Jesse Nunes, The Job Blog Don't think your bad credit can affect your ability to get a job? Think again. As more and more Americans struggle with the faltering economy, rising gas prices, and inflation, there are many opportunities for someone living on the edge of credit health to take a dive into dept. Add that to the continuing trend of companies cutting jobs and benefits (GM is the latest large US company to announce a paring of workers), and it seems the conditions are ripe for having a lot of unemployed workers struggling to pay the bills, all while looking for new employment. And it can create a sort of catch-22. That's because some employers check a candidate's credit history before hiring them. In a recent Bankrate article, Steve Bucci, "The Debt Advisor" columnist, took a question from a reader who lost a job offer because of bad credit. Besides working hard to improve your credit score and pay off debts (which can be difficult if you have no job to begin with), Bucci tells the reader that the only other recourse is to be as up-front as possible with the company you're applying to about your credit problems. Bucci writes: You are on the right track to mention your past credit troubles when you are interviewing. As luck would have it, my brother Jim Bucci -- the HR guru from Availity (a medical software company) -- is currently visiting me. So, as I was grilling some burgers, I was able to grill him for some insight. "By volunteering information about a difficult situation or period in your past, you may improve your chances of getting hired," he says. "Companies always look for as many indicators of success as they can when making a hiring decision. Your ability to admit to a past problem and show a positive plan to correct it can count as points in your favor." A proactive approach may give you a better chance of remaining in the "potential candidate" stack rather than being filed in the trash can. For my readers who see a layoff coming or plan to look for a higher-paying job in the future, remember to start the credit review and dispute process as far as six months in advance to allow time for corrections to show up. Bad credit can not only impair your ability to get a job, but it can also affect your chances at moving up the ladder at your existing job because some companies run credit checks when considering candidates for promotions, writes Monster.com finance career expert Dona DeZube. In addition to checking your credit report for problems before it lands on the desk of a career decision-maker, DeZube offers tips for addressing your bad credit with your potential employer. Here are a few: Get Your Story Straight If you are turned down for a job because of credit problems, the employer has to give you a copy of the report and explain your rights under the Fair Credit Reporting Act. Don't Trip Up Is It Fair?
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