credit checks
41 NYC Council members want to end this pre-employment practice
bill to ban credit checks during pre-employment background screening, unless credit checks are required by federal or state law. Council member Brad Lander sponsored the bill — called the Stop Credit Discrimination in Employment Act — which argues that credit checks are more likely to screen out black and Hispanic applicants, even though there is…
Read MoreStudy: credit score an indicator of personal health, not just financial
A new study entitled “Credit scores, cardiovascular disease risk, and human capital” was released in the December issue of Proceedings of the National Academy of Science, in which researchers studied more than 1000 people for almost 40 years to determine if heart health and personal finances could be correlated. Employers often use credit reports to…
Read MoreFICO announces new credit scoring system for medical debt
Employers may now need to take a closer look at potential employees’ credit reports, as credit-scoring company Fair Isaac Corporation (FICO) has announced plans to revise the way it reports medical debts that have been sent to collections. One third of Americans find themselves stuck with medical debts. The new system, also known as “FICO…
Read MoreTypes of background checks landlords should use when renting
While it would be nice if every renter could be a model tenant, landlords have to be careful when renting homes or apartments out. It’s a fine line to walk; you want to have great tenants living in your rentals, but that requires conducting a few types of background checks. You should absolutely run the…
Read MoreNew York City considering pre-employment credit check ban
once again introduced legislation that would prevent city employers from utilizing credit checks in determining whether a candidate is a good fit for a job. Jobs that require credit checks under state or federal law would, of course, be exempt from the new law, should it pass. Employers often utilize credit checks in determining whether…
Read MoreNAPBS: survey finds young adults don’t check annual credit reports
National Association of Professional Background Screeners (NAPBS), the association cited a survey conducted by the Consumer Federation of America and VantageScore Solutions that shows that millenials — those between the ages of 18 and 34 years of age — do not regularly check their own credit scores, and do not know as much about credit…
Read MoreO’Reilly Auto Parts sued over pre-employment credit report violations
Three branches of O’Reilly Auto Parts stores are being taken to court in California after a prospective employee claimed that his employment offer was revoked after a credit check, and that he was not given the chance to review it for accuracy per the Fair Credit Reporting Act. Raphael Saye had received a job offer…
Read MoreThings to know before running credit checks during pre-employment background screening
It’s not uncommon for employers to run credit checks on candidates during pre-employment background screening, especially if the candidate is applying for a position in which he or she would be trusted with the company’s financial records or in charge of managing funds. The point of conducting credit checks versus any other types of background…
Read MoreMicro-lenders turn to social media when conducting credit checks
When you need a loan to purchase a car, house or other large investment, banks and credit unions run credit checks to learn your FICO credit score, and how risky an investment you might be. At that point, the bank or lending institution will determine whether you are worthy of receiving a loan, and at…
Read MoreEqual Employment bill fights against pre-employment credit checks
47 percent of employers request credit checks prior to hiring new employees. Nine states have already banned credit checks during pre-employment screening. The intent behind the bill is that poor applicants with credit problems may have a harder time finding employment than a similar candidate with good credit, and that sometimes the things one would…
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