What does a good credit rating say about me?
Bankruptcy – can it ruin your career?For quite a while now, it has been customary for people working in the finance, gambling and government industry to have their credit reports inspected for bad debt such as bankruptcy or involvement in debt repayment plans such as an IVA (individual voluntary arrangement) and also debt management. This is because employees working in these fields have to be trusted. Bad debt or fraudulent conduct will lead to instant dismissal.
As crime rises, employers are becoming more vigilant in who they employ and are instructing many employment agencies to thoroughly scrutinise credit reports, driving licenses, criminal records, educational details and employment records.
What does a good credit rating say about me?
Companies feel that a person with a good credit record will possess a completely honest and trustworthy personality. A good credit rating can say a lot about someone’s characteristics. However, a credit record doesn’t tell the full story. People are faced with debt for all sorts of unforeseen reasons and unless a justifiable reason is added to the notes of a credit report, an employer could reject an application. Employers use credit reports to find liens, defaults, County Court Judgements and bankruptcy details. They also use the reports to review the regularity of your repayments.
Employers weigh up the information provided to them to ascertain whether an employee would be the type of person who would be susceptible to bribery or a potential security risk.
However, those recovering from bankruptcy will be pleased to know that the law is in their favour. Bankruptcy law prohibits an employer from showing prejudice against such an applicant. It is not even compulsory for employees in line for promotion or applicants applying for work to reveal their bankruptcy.
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