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How job seekers can benefit from a 100-word letter of explanation

By admin
Published: Saturday, December 11th, 2010

While job hunting most job seekers will be required to furnish their credit reports along with their resume.  This credit report will be one of the most crucial bits of information which would help employers in the decision making to hire employees.  If the credit report is not very good chances are that the employees might hit a road block when it comes to their employment prospects.  So it makes sense to attach a 100-word letter explaining the causes for the not-so-good credit report.

It has been noted that at least 47% of the employers look closely into credit reports to run a background check on potential employees before hiring them.  Although some places have banned credit checks for employment purposes there are many states that allow these checks as it is still considered a fair practice.

For those who have suffered a setback with the credit report and if there is potential damage due to the facts contained in the report, one can do a bit of explaining by filing a general statement with all three credit reporting agencies such as Equifax, Experian, and TransUnion.  This 100-word letter will be sent along with the credit report to all those who pull up the report for verification.  This helps the consumer as this provides some additional information to the lenders.

All these credit bureaus vary in their 100-word policies.  Experian allows one general statement which applies to the report as a whole.  Then there is one specific statement (per item) on your credit report.  One is allowed to submit only 10 statements online and anything over and above that must be done after contacting the Experian rep over phone.  TransUnion however, allows customers to file the consumer statement as well as the statement of dispute.  Equifax allows just one general statement which addresses the whole credit report.

There is a slight difference between the statement of dispute and the general statement.  The statement of dispute is also a 100-word letter that can be attached to the credit report where the consumers would be disputing the facts and claiming that the debt does not belong to them.  When there is dispute the information is challenged and there are laws that govern how these bureaus will have to respond to that.  General statements may or may not make such an impact with the creditors as it is your version of what had happened.

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