A bad credit reputation may keep you from getting a job in a tough market. The best guess is that between 40 percent and 50 percent of employers are running credit checks on "would be" employees. And we're not just talking about for jobs in the financial sector.
However, a study from Eastern Kentucky University finds that there's no correlation between credit score and job performance.
So employers are going into battle with the wrong weapon. They're listening to their human resources departments that say to run a credit score on all potential hires -- even though it's a meaningless indicator. Silly, silly, silly.
Meanwhile, to add insult to injury, The Los Angeles Times reports that one in three credit reports may contain serious errors.
Remember, you're free to see your credit reports once a year at AnnualCreditReport.com.
If you find an error, you must dispute it with the individual credit bureau and the issuer of the credit. Be sure to file both disputes at the same time.
Send all supporting evidence via certified mail and tell the credit issuer that you'll sue them for fiscal damages if the fix is not made in a timely manner.
Don't trust the bureau itself to launch an investigation into your claim of an error. Their version of an "investigation" is sending an electronic transmittal to the credit issuer and asking if the info they have is correct. Sherlock Holmes they're definitely not!
In the 18 years that I have been in the mortgage business, I have successfully closed over 3,000 loans that total to almost $1 billion in production. My goal is to make your mortgage experience as easy as possible. The higher I can help you raise your credit score the better your interest rate. Call me today for programs including 100 financing. 864-451-7894
Friday, October 30, 2009
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