– Parent PLUS Loans vs. Private Student Loans: What You Need to Know

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Can an Employer Access My Credit?

Why Do Employers Check Your Credit?

Employers may conduct background checks, including credit checks, when considering job applicants or evaluating employees for promotions. This is particularly common in the financial industry. Employers use this information to verify your identity and assess your history of managing money responsibly. However, they cannot access your credit score, only a modified version of your credit report.

What Do Employers See When They Check Your Credit?

When an employer checks your credit, they can see:

• Payment history
• Available credit
• Account balances
• Any late payments, bankruptcies, or foreclosures

They cannot see your credit score, date of birth, or other information protected by equal opportunity laws.

Can My Credit Prevent Me From Getting a Job?

A poor credit history could potentially affect your job prospects, especially in roles related to finance, management, or government positions requiring security clearances. However, not all employers conduct credit checks, and many states have laws restricting the use of credit history in employment decisions.

What Legal Rights Do You Have as a Job Applicant?

As a job applicant, you have several legal rights:

• Employers must obtain your written consent before accessing your credit report.
• They must inform you if your credit information will be used in making an employment decision.
• If adverse action is taken based on your credit report, the employer must provide you with a copy of the report and a summary of your rights under the Fair Credit Reporting Act (FCRA).

How to Prepare for a Credit Check by an Employer

1. Check Your Credit Report: Review your credit report for any negative information and address it before your employer pulls your credit.
2. Pay Your Bills on Time: Ensure timely payments to maintain a positive payment history.
3. Handle Past-Due Accounts: Address any past-due accounts by contacting your lender to discuss possible relief options.

Does Employment Affect My Credit Score?

Your employment status does not directly affect your credit score. Employment inquiries are considered soft inquiries and do not impact your credit score. These inquiries will appear on your credit report but will not be visible to other employers or creditors.

Build Good Credit to Expand Your Opportunities

To improve your chances of passing an employer’s credit check:

• Regularly check your credit score and report.
• Make on-time payments.
• Keep your credit card balances low.
• Be strategic about applying for new credit.

For any mortgage service needs, call O1ne Mortgage at 213-732-3074. We are here to assist you with all your mortgage requirements.

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