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Could your credit score affect your job chances?

By Daniel Culpan

16 April2021

According to Callcredit, the financial information service, more and more employers are using credit checks when deciding which potential job candidates to hire, The Independent reports.

Credit checks are mostly used by the Government and the financial services sector when looking at people's financial past - and deciding whether or not to lend money or provide other financial products. However, with rising concerns over internal fraud, it seems that companies are increasingly investigating potential workers' financial history using their credit record.

Although an individual must first give permission for a credit check to be run on them, many candidates keen to land a particular role may feel pressured into giving the go-ahead for their credit record to be looked at.

Callcredit's Owen Roberts said: "Many employers outside of the financial services sector are turning to credit reference agencies as a means of verifying a candidate's identity."

Credit records can furthermore give some insight into a person's character by revealing how they've managed their personal finances - and how they've managed things such as debts in the past. "Missed payments, regularly applying for further credit, being issued with a County Court Judgment or even being declared bankrupt, are all indicators that the candidate could be financially overstretched," Mr Owen added.

What's more, it appears that it's not just new staff having their credit records checked, but existing employees too - in particular, those looking to be promoted.

Image iStockPhotos / John Fugett

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Tags: Callcredit, credit checks, credit rating, credit record, jobs, employment

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