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Employers evaluate the reports in different ways. Some look for a good payment history as a sign of responsibility. Others look for red flags that may cause someone to do things that are uncharacteristic to due pressure caused by large unpaid debt. For example, a bankruptcy may not cause as much alarm as a candidate who is 120 days past due on several bills.
What is good credit? According Mortgage Links, a NY based mortgage firm, and Prudential Appleseed Realty, FICO scores above 680 are considered fair or good credit even during our current credit crunch. Under most government backed loan guideline, 680 is the base score for approval. New homeowners are classified in three main categories, A (680+), B (550 to 630), C (below 550). To check your credit visit: be sure to check with your state for a free credit report.
www.experian.com
www.equifax.com
www.transunion.com
Under the 1996 Fair Credit Reporting Act (http://www.ftc.gov/os/statutes/fcra.htm), companies can review credit reports of applicants and employees only with their permission. Typically, job applications include a yes-or-no check-off box. Saying no to a credit review raises the same red flags that bad credit does.
It is imperative to check and maintain good credit now, in some cases, your job depends on it.
If you have any information relating to this topic please contact us at customerservice@tcbsolutions.net. We want to hear from you.
- Staff Writer
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