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Bad Credit — Good Hire?


A higher credit score doesn’t necessarily make a better hire. Employers shouldn’t judge candidates on the basis of whether or not they pay their bills on time, according to a new study which suggests there is no link between bad credit and poor job performance.

Many organizations use credit scores as an employment screening tool, “but little is known about the legitimacy of such practices,” according to a report by researchers at Louisiana State University, Northern Illinois University and Texas Tech University due to be published in the Journal of Applied Psychology.

The research assessed personality data, credit scores from the Fair Isaac Corporation – which analyzes credit histories – and employee performance data from companies. The researchers put it thus: “Credit scores did not, however, predict workplace deviance.”

As is stands, when employers do credit checks, they can only access your credit reports and not your actual detailed credit scores. However, companies say that credit reports do give insight into a potential employee’s sense of responsibility and character, especially if the job is in the banking industry or one where the candidate will handle the company’s finances. The downside, according to this report by The Wall Street Journal, people whose previously solid credit has been damaged by the economic downturn say they’re victims of circumstances beyond their control.


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    • Yes and no. Credit scores are like pimepls, they come and go. The only way to improve your credit scores is to not use it and when you do use it, use it wisely.I HIGHLY recommend you pay off your debts. When you do pay these off, ask politely for a Pay for Deletion . By this ask your creditor that you agree to pay in full and that you wish to ask for them to delete to negative account from your credit reports. If they don’t do this, don’t worry. A paid in full is better than a collection or charge off.To best serve your credit score use the following simple logic:* If you don’t have the money don’t buy it.* If you use your credit, use only 30-40% of it. When you get anywhere near your over all limits your score will go down.* Don’t apply for credit more than you need to. It costs you points everytime you apply.If you need credit for a car/mortage or financing do the shopping on your own and get a pre-approval. Shopping for cars at dealers and letting them run credit reports can be vary costly because in most cases they run willy nilly often pulling hard credit requests for up to 10 different people causing a huge credit drop.Again, taking care of your debts will help however it will take at least 3 months before you see anything noticeable. On the flipside of being patient if you satisfy everything today you will be rewarded with credit lines of 8-15% rates instead of 22-25% rates and you will save tons of cash in the long run.Check out for a all you could ever want to know (and what they don’t want you to know) about credit.

    • KyBigCat / I disputed a few thgins and they clear them off my report.I help my friends and family witht here credit reports cause they dont know how to read them.And help them dis pute thgins also ..They were shock when they clear the so called debts from there reports also lol

    • ” I suggest you rveeiw the filibuster concept. “oh it’s right smack in front of us every single day guy… the GOP has mastered the concept. BESIDES HOW did Bush get his tax cuts and Medicare Part D if there were filibusters?if the GOP got the necessary votes for the tax cuts…and Part D… what happened to offshore?the best part of the filibuster concept is that it works no matter who has the majority in the Senate..right?so you need 60+ votes to pass ANYTHING no matter who controls the Senate, right?

    • Based upon hte story, this is very poor research for one simple reason: employers that use credit reports do NOT have access to credit scores. Employers access a special type of credit report that differs form a regular credit report and does not include a credit score. If the researchers did not that, then all of their conclusions are worthless.

About Pay Dirt

  • Pay Dirt examines the millions of consumer decisions Americans make every day: What to buy, how much to pay, whether to rave or complain. Lead written by Quentin Fottrell, the blog examines these interactions, providing readers with news, insight and tips on shopping, spending, customer service, and companies that do right – and wrong – by their customers. Send items, questions and comments to quentin.fottrell@dowjones.com or tweet @SMPayDirt.