Long Overdue Bill To Limit Credit Checks By Employers

Bernie Madoff had a pretty good credit score

There is no evidence that a person’s credit score has any correlation as to the type of employee he/she would be.  I’ve never liked this practice, even less so now, given the loss of privacy we put up with in the name of “safety.”  I have good close friends that have poor credit, but would make excellent employees.  Besides, if you cannot find work due a poor credit rating, how on earth do you improve it?

People who have substandard credit are targeted by businesses every day. Check cashing outlets that charge ridiculous interest rates for small loans.  Debt “relief” scams promising to do what any person with a telephone can do themselves.  Unscrupulous lenders that charge high hedge fees and then usurious interest.  Even insurance companies charge more or deny you altogether if your credit isn’t up to snuff.

The undeniable fact is that too many businesses seek to exploit those who are already at a disadvantage.  It is the American way, I guess.

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4 responses to “Long Overdue Bill To Limit Credit Checks By Employers

  1. Pingback: Morning Coffee – Mule Day Edition | Speak to Power

  2. democommie

    I had a banker tell me not too long ago that they MUST charge the ridiculous fees that they charge for overdrafts and other sins committed by account holders. Since he was lying, and we both knew that he was lying, it wasn’t a long conversation. I really have a hard time appreciating someone whose entire profession has displayed an alarming degree of fiscal irresponsibility lecturing their customers on cash management,.

  3. Yes and so many folks have credit issues because of *medical debt*! I mean cripes, you have something catastrophic happen, you lose your sucky job because you can’t work, you go into debt, and finally you are back on your feet and try to the right thing and get a job and you can’t because of your credit score! The people harping about “personal responsibility” have NO clue how hard it is to even show some of that personal responsibility when every card is stacked against you.

    I actually know someone who had this happen to them — and even worse, their medical issue was a medical malpractice case. Doctors screwed up when she went in for minor surgery, she had to have open heart surgery, and lost her job as a result.

    This, coupled with the healthcare bill and the credit card law, are long, long overdue and will finally help people have some leverage against the asshole who would exploit them.

  4. I would argue against this on a privacy basis. It’s really none of the employers’ business whether you have a good credit score or not, unless you are planning on borrowing some money. Last I checked, most businesses pay you for the work that you have already done.

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