A friend of ours recently took his Air Force application tests and was told he qualified for every job, except those with Top-Secret classification, because his credit score was too low.
It turns out employers can actually legally refuse to hire you if they don’t like the looks of your credit report.
According to a VISA survey released last week, 80% of Americans are unaware of this.
UPDATE: Maybe they’re unaware because the VISA press release is wrong. Experian credit bureau spokeswoman Maxine Sweet told The Detroit News, “We do not score for employment reports…If you chose to do that, I think you would be breaking the law.”
Some employers believe that one’s credit score is a measure of a prospective employee’s honesty and integrity. We wonder what the CEO of Enron’s credit score was in October, 2001.
“Credit scores have become the de facto ‘GPA’ for all aspects of modern life…” said Jason Alderman, director of financial education for Visa USA— a frightening claim, and one that underscores the credit score’s overreach beyond what it was designed to measure.
A credit scoreCredit history can indicate that you have your shit together, but does having a lower one really mean you won’t be as good at your job?