By Bob Katzen
A bill on the floor prohibits employers from obtaining the credit reports of potential employees except in certain circumstances including hiring for a position that requires national security clearance; a position for which a person is required by federal or state law to obtain a consumer report; and some executive or managerial positions at a financial institution.
Supporters say there is no correlation between job performance and a credit score. They argue many people have bad credit because of a medical bankruptcy or an unexpected layoff.
Opponents say credit reports provide unbiased information about a person’s past behavior. They argue that poor credit sometimes means a lack of responsibility.
How about employers being forced to furnish thier financials and credit history to employees prior to being hired? This way we will know if we are boarding a sinking ship and drowning our careers.
Employers want to protect themselves and workers want to protect themselves.
Two way street.