Why You Should Check Your Credit Report Before Applying For A Job

What all we do not do before applying for a Job? Starting from updating our CV, polishing our LinkedIn profile by removing not so suitable Facebook photos, but we hardly bother to check our credit report.

Here I will show you why you should check your credit report before applying for a Job

You must know that there are many law and finance firms who perform credit checks on potential candidates in order to ensure that they can handle finances responsibly. The credit check is also done by companies that involve job role of dealing with money.

So, now the question arises,

What is accessible to employers?

Your credit report access is governed by the Fair Credit Reporting Act (FCRA), that explains when and by whom your credit report can be accessed.

With your permission, an employer can see your public credit report that includes Electoral Roll information, County Court Judgements, Bankruptcies, and Individual Voluntary Arrangements. But they cannot check your detailed credit repayments in this public credit report.

Which employers check your credit report?

As mentioned before, there are some employers who generally bother to check your credit report. These employers mainly include banks, law firms, credit unions, insurance companies and building societies.

In fact, many employers are legally obliged to check your public credit report, as they are regulated by either the Solicitors Regulation Authority (SRA), the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA).

What do you do about it?

The most important and obvious thing is to obtain your credit report and analyze it thoroughly. But, how?

Well, you can check your credit report for free through Clear Score. And to get a complete picture of the credit report, you can check other credit report agencies in the UK such as Experience and Call credit.

Now, comes the analysis part wherein you need to find out the mistakes in your credit report, if any, and fix them. Not to worry if your report has errors. Surprisingly, it is a common thing. According to a research, 38% of people who check their credit report find errors in it. And, you can easily fix these errors with the help of your credit reference agency.

Also, it is completely okay if you have errors on your credit report. Just make sure that you have fair justification to prove yourself in front of your potential employer. They will definitely consider it.

This sums up to one thing for sure that checking your credit report before applying for a Job is as important as updating your LinkedIn profile or resume. Now that you know all about it, go ahead and check your credit report.

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