There has been debate, at least on the state level that employers shouldn’t be able to discriminate against a potential employee with bad credit. Several states are proposing legislation to actually ban employers from checking most potential new hires credit.
This brings up an interesting debate. Should someone who has pressing credit and financial problems be working say, in a casino accounting job or a bank? Or how about the person who just had an honest run of bad luck in these tough economic times and got behind on some bills or had to short sale their home?
As we work our way though any kind of economic recovery I have to wonder what will happen to the established credit scoring system. It has been reported that some 28% of the people in the country are in some sort of distressed situation with their homes. All of that has to have a devastating effect on the crucial credit score. Which leads me to ask how can we really have a full economic recovery without some sort of change to this system? How can we really recover of a quarter of the population is shut out of not only lending (cars, homes, school loans?) but perhaps even jobs. Read more in the link below to the Associated press story as published in the Houston Chronicle.
States may ban credit checks on job applicants….some lawmakers believe the measures are a trap for people trying to get out of debt.
By KATHLEEN MILLER Associated Press