When a bank checks your credit for employment, what are they looking for?
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I was offered a position at a bank pending background and credit check. My credit isn’t the best, but it’s not terrible either. I was wondering if anyone knew what the standards are when a bank checks credit for employment?
3 Comments
September 11th, 2011 at 1:14 am
Each bank has their own individual standards, but on the most part they are trying to ensure that their employees do not have any "insurmountable" financial difficulty.
This is only to help them minimise risk (like a character reference) as you would be dealing with cash and/or finances.
September 11th, 2011 at 1:14 am
If your credit history shows that you cannot handle money appropriately, you will not get the job. So things like paying bills chronically late, court judgments, repossessions etc. will all count against you heavily.
September 11th, 2011 at 1:14 am
Look at it this way, credit reports are a lot like report card were back when we were in school only instead of showing how well we are doing in our classes they show how responsible we are in handling our credit.
When potential employees see things like charge offs, late pays, collections, law suits, bankruptcy’s, foreclosures, tax liens judgments, repossessions or back child support they know they are looking at someone that is not very responsible.
As much as I really don’t agree with this practice when you consider the huge amount of money that employers invest in training employees I can understand why if they had 2 to choose from and 1 had good credit and the other had bad they would tend to go with the 1 that had the good credit. Especially if the position involved handling money or inventory.