Tuesday, September 18, 2007

Most Americans Unaware Credit Scores Can Affect Hiring Chances

More than 50 percent of Americans mistakenly believe it is illegal for prospective employers to use credit scores as a hiring criteria, according to a survey by Visa USA.

The survey of about 1,000 respondents also found that only one in five of Americans know that it is legal for employers to refuse to hire job applicants with low credit scores; however, many employers have made checking a credit score a mandatory part of the job application process, just as drug testing and criminal background checks are now common requirements for jobs in many industries, according to a Visa news release.

"Credit scores have become the de facto 'GPA' for all aspects of modern life because they can affect everything from getting a job to being able to buy a house," said Jason Alderman, director of financial education for Visa USA, in the news release. "A bad credit score can send an otherwise well qualified job applicant straight to the unemployment line."

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