Is Bad Credit Killing Your Job Chances? [Video]

credit report hiring

In the aftermath of the financial crisis, plenty of Americans have seen their credit scores tank. But can that really affect your ability to get a job? Possibly, since many employers increasingly are relying on workers' credit histories when making hiring decisions.

Just ask Oneika O'Keefe. Speaking on AOL Jobs Lunch Time Live, O'Keefe says that she was told during a recent job interview with a retailer that she would have to undergo a credit check because the position required that she "deal with a lot of money."

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"When they told me that during the interview, it was really embarrassing," says O'Keefe, who has about $20,000 in college-loan debt. "They already, off-the-bat, assume that you're a thief because you work with a lot of money or that if your credit score is low that you can't handle money."

O'Keefe was joined in Friday's online discussion by Amy Traub, senior policy analyst at Demos, a public-policy think tank that seeks to create greater economic equality. Traub says that about half of employers look at credit reports (though not scores) when deciding whom to hire -- regardless of the type of position.

"We see credit checks for [chief operating officers] and CEOs, but then we also see credit checks for dog walkers, for janitorial staff [and] for scooping frozen yogurt," she says,. Even more problematic, one out of five credit reports contain errors, according to the Federal Trade Commission.

What are job seekers' rights? Watch the 2-minute highlight video, or the full 20-minute conversation below, and add a comment at bottom. Also, check out our stories on how to get a job despite a bad credit report.

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David Schepp

Staff Writer

David Schepp has spent more than a dozen years covering business news for the electronic and print media, including Dow Jones Newswires, BBC News, Gannett Co., and most recently at AOL's DailyFinance. Nearly 10 years ago, he started writing a weekly People@Work column, looking in depth at issues facing workers in today's workplace. The syndicated column appeared in newspapers and websites nationwide before it made its debut on DailyFinance in 2010. Schepp now continues that tradition at Aol Jobs, covering the jobs beat and providing readers insight and analysis into the nation's challenging employment scene.

Schepp holds a Bachelor of Arts degree in journalism from Metropolitan State College of Denver.

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lexington law helped me deal with the same problem.. 888-981-5861 i hope this comment helps someone like they helpe me. Just paying it forward!

March 21 2013 at 4:22 AM Report abuse rate up rate down Reply
Mike Lauria III

I don't think any employer should have access to any personal information on one's credit history. Credit reports were used to see if one qualify's for a loan not a job. It is a poor way to determine on how good of a worker one will be. If people were paid a decent wage we wouldn't have problems like this.

February 25 2013 at 11:08 AM Report abuse rate up rate down Reply

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