by CBS3’s Jim Donovan for KYW Newsradio 1060
Human resources consultant Elaine Varelas says its common practice for companies to ask candidates for permission to run a credit check.
In fact last year 60 percent of employers were running credit checks on potential employees:
“It’s a huge part of your background. Your professional background is your credit score.”
Credit expert Al Bingham says many employers often believe a low credit score can be a red flag:
“If they are under a lot more stress because they do have some issues going on with some debts they are less likely to be able to perform and they will be able to handle the job.”
And according to Varelas:
“If two candidates are equal, then why not go for the person who doesn’t have any issues in their background.”