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Until ban on credit score hiring takes effect, some may consider consumer credit counseling to help pay bills on time
By Oscar Monfort on Mar 4th, 2010
A person's credit history is increasing in importance in a tight credit market, though its value may also extend to a job search.
The Associated Press recently reported that some employers may run a credit check on people who are applying for work, which means that people with poor credit histories may have a harder time finding a job.
Citing a survey from the Society for Human Resources Management, 60 percent of employers said they use a credit check on some of their potential hires. That's up from the 42 percent who said so in 2006.
However, a number of lawmakers have cited the practice as being unfair to people who are out of work, especially since being jobless may have led to running up credit card debt or not being able to pay bills, both of which can affect a credit score.
A bill to reduce the practice has been introduced at the federal level, though the AP notes it is "still bottled up in committee." The legislation would limit the practice to certain cases, such as people applying for positions at a bank. Lawmakers at the state level have also considered a ban on the practice.
Even with lawmakers putting a clampdown on the practice, credit scores still play a vital role for people looking to get new lines of credit, such as a home loan. As a result, some may consider getting help from a consumer credit counseling agency to make sure they have a plan to pay debt on time.
More Consumer Credit Counseling News
- 07-21-2010
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- 07-19-2010
- Iowa program helping homeowners facing foreclosure with a form of consumer credit counseling
