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Do employers do credit checks?
#1
Many employers will run a credit report background check as part of their hiring process. Every employer has their own credit criterias but what employers look for is whether the potential employee has had a timely payment history. If a employee has had a total disregard for credit and has multiple collection accounts, judgments, tax liens, etc., chances are that the employee will not get hired and a bad credit report may be grounds for a job denial. Some employers will give the potential employee an opportunity to explain their derogatory credit while other employers will just refuse to hire the potential employee. Credit checks will be performed by employers on potential employees during the promotion process as well.

Mortgage brokers who need to be licensed are required to have their credit checks not just when they are applying for a mortgage loan originator's license but also every year when they renew their license. Unpaid bills, delinquent accounts, judgments, tax liens, and other derogatory credit may be grounds for license denial unless a written payment agreement and payment plan is in force.

 
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#2
(09-27-2014, 12:28 AM)Gustan Cho Wrote: Many employers will run a credit report background check as part of their hiring process.  Every employer has their own credit criterias but what employers look for is whether the potential employee has had a timely payment history.  If a employee has had a total disregard for credit and has multiple collection accounts, judgments, tax liens, etc., chances are that the employee will not get hired and a bad credit report may be grounds for a job denial.  Some employers will give the potential employee an opportunity to explain their derogatory credit while other employers will just refuse to hire the potential employee.  Credit checks will be performed by employers on potential employees during the promotion process as well.

Mortgage brokers who need to be licensed are required to have their credit checks not just when they are applying for a mortgage loan originator's license but also every year when they renew their license.  Unpaid bills, delinquent accounts, judgments, tax liens, and other derogatory credit may be grounds for license denial unless a written payment agreement and payment plan is in force.

Wow didn't know that, I thought it's not someone's business that I don't pay my bills or my credit score sucks. Soon my future spouse will check credit score to figure out if I'm a right person to marry or not lol.
 
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#3
I am a licensed mortgage broker and the NMLS, which is the licensing agency and all of the states that I am licensed in checks my credit every year when my license renewals time comes. If I have derogatory credit, I will be required to write a letter of explanation. Also, many employers will run credit background check when it comes time for job promotions.

 
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