View Poll Results: Regarding Hiring, Should Companies be able to Check your Credit?

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  • YES! Companies should have the right! Its weeds out bad folks

    14 17.95%
  • NO! My finances should NOT dictate what company hires me!

    47 60.26%
  • YES! In certain circumstances w/ jobs that handle money directly

    28 35.90%
  • Screw you and your Noodle race! Quit asking me things!

    7 8.97%
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Thread: Regarding Hiring, Should Companies be able to Check your Credit?

  1. #51
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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by rivrrat View Post
    The manager's money is irrelevant. They aren't who you are working for. The company's financial status IS relevant, and if it's a publically traded company, then you'd have access to that information.
    Considering the well-known fraud that has been perpetuated by corporate executives, such as those from Enron and Tycho, I think that how much money they are getting from the company is just as relevant as the credit scores of their employees.

    Or how about this? Instead of having the annual income of managers and executives be made available to employees they are instead made available to anyone who owns a share in the company? After all, it's the shareholders' money they are spending.

  2. #52
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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by earthworm View Post
    Yes
    This should be done openly and honesty. An employee is a company representative, one with poor credit can be a problem. If they get things straightened out, then their record should reflect this.
    A credit score is an indicator of how good a person is at getting into debt and staying in debt. It is not a effective way to measure the employability of a candidate.

    Let me provide an example:
    Candidate A and Candidate B are both applying for the same job, paying about $60,000 a year.

    Candidate A owes more on his house than it is worth and has a mortgage payment of about $1200. He just bought a brand new car with a $600 a month payment. He has $30,000 in credit card debt. He lives paycheck to paycheck, BUT he pays all his bills on time every month. Because of this he has a good credit score.

    Candidate B carries no debt, (except maybe a small mortgage.) His car is paid for and he has no open lines of credit. He has $50,000 in savings and invests a portion of his paycheck every month, but because of his lack of debt he has a low or nonexistant credit score.

    Which candidate is more financially responsible? Which one do you think would actually get the job based on their credit score?
    "Liberty lies in the hearts of men and women; when it dies there, no constitution, no law, no court can save it; no constitution, no law, no court can even do much to help it." - Judge Learned Hand

  3. #53
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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by lizzie View Post
    I understand your concerns, but a good credit rating does not always correlate to personal integrity. I've known plenty of people of great moral character who are bad credit risks, and plenty of people who are morally bankrupt that have good credit ratings.
    On NPR the other day, they even said that FICO scores today mean less than they used to because so many people have taken a hit that it doesn't reflect their credit integrity. When you have no money and can't pay, that's different from people who were more or less intentionally negligent to their finances.

  4. #54
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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by theangryamerican View Post
    A credit score is an indicator of how good a person is at getting into debt and staying in debt. It is not a effective way to measure the employability of a candidate.

    Let me provide an example:
    Candidate A and Candidate B are both applying for the same job, paying about $60,000 a year.

    Candidate A owes more on his house than it is worth and has a mortgage payment of about $1200. He just bought a brand new car with a $600 a month payment. He has $30,000 in credit card debt. He lives paycheck to paycheck, BUT he pays all his bills on time every month. Because of this he has a good credit score.

    Candidate B carries no debt, (except maybe a small mortgage.) His car is paid for and he has no open lines of credit. He has $50,000 in savings and invests a portion of his paycheck every month, but because of his lack of debt he has a low or nonexistent credit score.

    Which candidate is more financially responsible? Which one do you think would actually get the job based on their credit score?
    The "score", by itself, should be ignored.
    Its the data/facts/story behind this score that is important.
    And the personnel man must be able to interpret things correctly...no easy task.
    I know that the two examples are at extreme ends of the financial spectrum, but I'd think I'd favor the conservative(example two).

  5. #55
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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by lizzie View Post
    I don't even believe a company should be able to drug test without you giving them a reason to suspect drug use, so hell no, they should not be able to check your credit rating.
    Companies definitely should be able to drug test and they should know a man's credit.
    However, what the company is doing with with knowledge should be known by the applicant.
    I am not an adherent of secrecy/privacy... ....for the applicant nor the company.

  6. #56
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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by theangryamerican View Post
    A credit score is an indicator of how good a person is at getting into debt and staying in debt. It is not a effective way to measure the employability of a candidate.

    Let me provide an example:
    Candidate A and Candidate B are both applying for the same job, paying about $60,000 a year.

    Candidate A owes more on his house than it is worth and has a mortgage payment of about $1200. He just bought a brand new car with a $600 a month payment. He has $30,000 in credit card debt. He lives paycheck to paycheck, BUT he pays all his bills on time every month. Because of this he has a good credit score.

    Candidate B carries no debt, (except maybe a small mortgage.) His car is paid for and he has no open lines of credit. He has $50,000 in savings and invests a portion of his paycheck every month, but because of his lack of debt he has a low or nonexistant credit score.

    Which candidate is more financially responsible? Which one do you think would actually get the job based on their credit score?
    But are we talking about just checking a number, or do employers actually look for stuff that would indicate problems? I would think that an employer wouldn't care less about the number but would be very interested to find out that someone had 13 credit cards and never paid a penny on them, or had multiple judgments against him.

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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by imagep View Post
    But are we talking about just checking a number, or do employers actually look for stuff that would indicate problems? I would think that an employer wouldn't care less about the number but would be very interested to find out that someone had 13 credit cards and never paid a penny on them, or had multiple judgments against him.
    However, you're missing the point of the analogy. No one with large amounts of unpaid debt or judgments against them would have a good score anyway. Candidate A is actually the average American. All the numbers I used are fairly middle of the road for people today. I would argue that he is not, in fact an extreme, like someone else mentioned, but the norm. He also pays all his bills on time. He looks great on any credit report, even if you analyze the specifics, but he's riding a very fine line. Many Americans have only one or two paychecks riding as a buffer zone between them and financial hardship.

    Candidate B potentially has no credit history at all, so even an in-depth credit analysis will still show him as a big fat zero. Short of contacting his banks and his investment broker, no employer will get any information on him.

    Neither candidate is immediately in any financial danger, but there is a larger potential for trouble in the first case. Unfortunately, anyone running a credit check will think that Candidate A is the better of the two. Due to this, I think that credit history has no business being part of a qualification for employment in any circumstance.
    Last edited by theangryamerican; 08-06-10 at 06:23 PM.
    "Liberty lies in the hearts of men and women; when it dies there, no constitution, no law, no court can save it; no constitution, no law, no court can even do much to help it." - Judge Learned Hand

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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Yes, check the credit score of EVERY potential employee. Your score reflects your character and integrity.

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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by chickie View Post
    Yes, check the credit score of EVERY potential employee. Your score reflects your character and integrity.
    Your argument is flawed. Please refer and respond to my two posts above. All your credit score tells someone is how efficient you are at acquiring and managing debt. Nothing more.
    Last edited by theangryamerican; 08-07-10 at 12:12 PM.
    "Liberty lies in the hearts of men and women; when it dies there, no constitution, no law, no court can save it; no constitution, no law, no court can even do much to help it." - Judge Learned Hand

  10. #60
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    Re: Regarding Hiring, Should Companies be able to Check your Credit?

    Quote Originally Posted by theangryamerican View Post
    Your argument is flawed. Please refer and respond to my two posts above. All your credit score tells someone is how efficient you are at acquiring and managing debt. Nothing more.
    Indeed. I'd be more impressed by the guy who doesn't have any debt at all than the one who manages his debt.

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