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Online Credit Report: Low Credit Score Can Cease a Job Search |
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Apart from affecting your chances of getting more credit, a low score on your online credit report can also affect your ability to get a job or for your promotion, reassignment or retention. Employers use an online credit report very often to decide about the above matters but they must get your permission to look at your online credit report, according to the Fair Credit Reporting Act (FCRA), which is enforced by the FTC and your state Attorney General. Moreover, the employer must give you written instructions on how to challenge the accuracy of the information in your online credit report, if you don't get a job because of information in your report. Accurate negative information must stay on your report for seven years, and bankruptcy may be reported for ten years. All consumers should check their online credit report once a year to ensure that there are no inaccuracies and that they are complete. You can get a copy from any of the three major credit-reporting agencies (Equifax, Experian, and TransUnion) for less than $9.00 per report. These reports are free in some states. If there is an inaccuracy in the credit report, both the credit-reporting agency and the organization that provided the information, such as your bank or credit card company, are responsible for correcting the inaccuracy or incomplete information, according to the FCRA. If you want to dispute any information, you should contact both the credit reporting agency and the information provider. The job of a credit bureau is merely to collect information from credit grantors such as banks, savings and loans, credit unions, finance companies and retailers, store this information in a computer database and then provide it to the credit grantors or employers, when you apply for a new credit card, loan or job. The credit bureau can't decide whether you are eligible for a job or not as only employers make that decision and it does not decide about granting of credit. Its business is merely credit reporting. Based on your online credit report, the credit bureaus fix a credit score for you. In arriving at this score, they take into account a series of credit-use factors. Lenders and employers take the help of this credit score, their own criteria, and the way in which they interpret your records or the score itself and then decide whether you meet their standards. Your credit history does not include your income, payments such as rent, utilities, or medical and dental bills aren't usually reported either, as they aren't uses of credit. Loans, credit cards, and mortgage payment records are included in the history. As such you must make at least the minimum payment each month on all your outstanding credit accounts. If you find any inaccuracy, you can dispute the same by enclosing a copy of your online credit report with the items in question circled. Send your letter by certified mail, return receipt requested and keep copies of your dispute letter and enclosures. On completion of investigations, the credit bureau will provide you the written results and a free copy of your online credit report if a change is made. If you want, notices of any correction will be sent to anyone who received your online credit report in the past six months by the credit bureau and a corrected copy of your credit report will be sent to anyone who received it during the past two years for employment purposes. If you do not get a job because of your poor credit, the company must send you two written notices which include a pre-adverse-action form that contains a copy of your online credit report along with a brochure explaining your consumer rights under the FCRA and an adverse-action notice that explains your right to dispute the accuracy or completeness of the findings. If an employer does not take your approval before conducting a credit check, he can be sued for damages in federal court. Complaints can be lodged with the FTC, which helps the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace. |
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