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Most Recent News in Credit Report News

  • Credit report plays a role in your employment

    by Faye Mergel
    Credit report plays a role in your employment

    It might come as a surprise for some people but it is true that credit reports play a major role in the employment of an individual. This is because credit report could just be the skeleton in the closet as it holds their past financial transactions, foreclosures, bankruptcies, missed and late payments and so on and so forth. Employers now check the credit reports of prospective employees to find out a thing or two about the consistency and creditworthiness of … (more) March 26, 2011

  • Major credit bureaus, supports employers’ use of credit reports

    by Faye Mergel
    Major credit bureaus, supports employers’ use of credit reports

    TransUnion, one of the three major credit-reporting agencies, is making efforts to protect the use of credit reports by employers in their employment screening process. According to reports, this is in response to the counting number of states threatening to eliminate the said practice. Legislators in Illinois said that TransUnion attempted not just once but twice to initiate dialogue regarding the then proposed Employee Credit Private Act, and the said dialogues would have made the law worthless. According to a … (more) March 23, 2011

  • SHRM said employer’s credit report use should not be eliminated

    by Faye Mergel
    SHRM said employer’s credit report use should not be eliminated

    During a public hearing held October 2010, the Society for Human Resource Management (SHRM) said that, the use of credit reports in employment screening is a legitimate move by employers. Representatives from SHRM informed the Equal Employment Opportunity Commission (EEOC), in the said meeting, that the government should not eliminate this practice considering that credit checking is a useful tool for screening applicants. SHRM pointed out that in the recruitment process, background checking is typically conducted on a group of … (more) March 15, 2011

  • Bill restricts employers from using credit reports for employment purposes in New Jersey

    by Faye Mergel
    Bill restricts employers from using credit reports for employment purposes in New Jersey

    A bill sponsored by Assemblywoman Cleopatra Tucker and Assemblyman Ruben Ramos Jr. called the Bill A-3238 regulates the use of credit reports by employers in their pre-employment processes in New Jersey. Now, employers can only run credit background checking in specific circumstances stated by the bill otherwise credit checking on prospective and current employees is prohibited. There are only specific situations where credit background checking will be allowed such as in cases of job positions related to handling finances. Hence, … (more) March 8, 2011

  • Job offer cancelled due to bad credit record

    by Faye Mergel
    Job offer cancelled due to bad credit record

    The University of Miami was sued by an African-American woman after her job offer has been revoked due to negative records found in her credit report. The woman was said to already have the job offer for the position of senior medical collector in the college’s department of patient financial services when her disqualification came in. Reports say that the woman’s application for the said position has been already accepted by the University of Miami after undergoing several interviews when … (more) March 6, 2011

  • Proper way to run credit checks for employment purposes revealed

    by Faye Mergel
    Proper way to run credit checks for employment purposes revealed

    Despite the controversy of using credit reports for employment screening, experts still revealed the best way on how to run credit checks. According to financial background checking experts there are specific steps that employers must not miss considering that the federal regulations strongly protects prospective employees. The firs step is to have a permitted reason to use credit reports and experts said that as stated in the Fair Credit Reporting Act (FCRA) the following uses are the only ones permissible: … (more) March 4, 2011

  • Consumer to experience more credit transparency

    by Faye Mergel
    Consumer to experience more credit transparency

    Financial experts say that consumers usually feel that they are getting the best rate even if reality says the otherwise. Effective January of 2011, the new regulation concerning the type of information lenders ought to give to consumers is expected to make consumers more aware today than the previous years. This rule aiming to make consumers better informed is part of the 2003 Fair and Accurate Credit Transactions Act (FACTA). According to the Federal Trade Commission, this rule particularly known … (more) March 2, 2011

  • Before applying for a job always check the credit report

    by Faye Mergel
    Before applying for a job always check the credit report

    Prospective employees will always want everything to go in their favor while looking for a job.  They wouldn’t want any part and parcel of their past catching up with them or jeopardizing their employment prospects. For some of these people their credit report is the only skeleton in their cupboards.  But unfortunately, for those who are job hunting it would be a bad time to have a poor credit and prospective employers would be looking at conducting credit checks on … (more) January 29, 2011

  • Things about your credit report that you must be aware of

    by Faye Mergel

    Credit reports are not necessarily accurate all the time or the ultimate guidelines to determine your creditworthiness. This is why it is possible to work towards improving them. Instead of letting creditors have your credit reports and decide your fate, you can improve them yourself and ensure you get a better deal. Here are some of the things that you must know about credit reports. Although it might seem hard to understand, credit reports could be inaccurate. It is the … (more) January 27, 2011

  • Some critical things you need to know about your credit card and report

    by Faye Mergel

    According to Matt Nolan, Director, Financial Education, CreditWise, credit reports aren’t infallible.  CreditWise is an education and a credit management company based in West Des Moines, Iowa.  Nolan has been part of the financial industry since the last 16 years. Firstly, credit reports could contain errors and the credit reporting agencies (Equifax, Experian, and TransUnion) merely report based on the information they receive from the banks, collection agencies, as well as lending institutions. Since there is a huge volume of … (more) January 25, 2011

  • Rental data added to credit reports by experian

    by Faye Mergel

    Experian based in Costa Mesa, will now be including the payment data (positive residential rentals) on the credit reports.  According to agency officials including this kind of positive information through the Rent Bureau division will help immigrants, recent graduates, college students as well as the other under banked customers an opportunity to build and establish credit history and thereby allow them to qualify for other services and products as this inclusion would indicate the continuity of rental payments that are … (more) January 23, 2011

  • Read your credit notices and stay informed

    by Faye Mergel

    As per the new federal rules, beginning Jan 1, lenders will have to provide details about the consumer’s credit records and credit scores.  Now consumers will be able to have a glimpse of their credit scores which lenders use to make lending decisions, the terms and conditions for lending etc.  This extra paperwork is worthwhile and consumers will be better informed by going through it and knowing their credit scores.  A little knowledge gained this way can go a long … (more) January 21, 2011

  • Improving your credit report is now easier than you think

    by Faye Mergel

    Credit scores play a very crucial role in everyone’s lives.  The higher the credit scores the lower will be your debt and you will be debt-free in a shorter period of time.  The lower your credit score the higher will be the interest rates and you will take longer to get out of the debt cycle. So, one will have to look at ways and means to raise the credit score which is fairly simple as long as you know … (more) January 19, 2011

  • Despite filing for bankruptcy, it is possible to have good credit

    by Faye Mergel

    Most often people worry about the effects of filing for bankruptcy due to the effect it is likely to have on their credit.  They assume that they will never be able to have a good credit score, or buy a house, or remain self-sufficient again – all of this is untrue.  People assume that even if their scores touch 700 they will still frighten the banks and they will turn away. But it is absolutely possible to rebuild credit after … (more) January 17, 2011

  • Credit reports measure employee level of honesty

    by Faye Mergel
    Credit reports measure employee level of honesty

    Several companies are using credit reports of their employees as a standard to measure and predict their future responsibility to the company. But recent studies showed that credit reports can also gauge if the employee will be honest or not in certain conditions and situations. Employers can correlate how their employee will be responsible inside the company by looking at their credit reports. Some companies said that if employers look at the credit reports of their employees, they can see … (more) January 15, 2011