In today’s competitive world, you cannot afford to be jobless especially after investing so much on your education. The meteoric rise of inflation only adds to woos. On the other hand, it is an uphill task to fetch yourself a decent job that matches up to your caliber. So when you manage to find one, you try to grab it with both hands. But when you keep going up the professional ladder and apply for top positions, chances are that your employers will check a lot of things apart from your illustrious resume. And one crucial thing that they will make it a point to check is your credit report.
Yes, you have heard it right! Though on the surface you might think how is your credit score linked to your job? However, in reality, it does affect your job prospects to a great extent. But before we go deep into the subject, we should first know the importance of a good credit score on your overall credit health. It is primarily a numerical expression that highlights your credit worthiness based on your previous records and experience with financial agencies. The credit score is maintained by credit bureaus like Cibil and Equifax. They in turn collate the information from data furnishers that might include creditors, lenders and utilities, debt collection agencies that a person has had a relationship or experience with.
Being credit healthy has its own perks and benefits. The credit score lies between 300 to 900 points and anything between 700 to 900 points is considered a decent score. If you come under this bracket, then you can avail a lot of benefits like lower interest rates on home loans, car loans and credit cards, can easily get telephone connection, insurance premia, rentals and a lot more.
And of course – a white collar job!
With the growing importance placed on credit scores, it has become inevitable to score good points because a poor credit history is sure to impede your professional growth. Bad credit has an adverse effect on job opportunities; so try to score as much as you can so that you might land up a coveted position in your career. Background check of credit reports have become increasingly common; Hence, know all the when’s and how’s that will improve your situation and increase your chances of getting hired.
One of the main reasons why credit checks are made by employers on prospective candidates is because the company wants to make sure how the candidate handles his finances. They will also check on accounts of debt collection, bankruptcies, a high debt-to-income ratio, foreclosures and tax liens. The employers can also find out from the credit report if the salary level of the candidate is too low for the level of debt the applicant is in. If it is a good report, it shows that he or she handles finances in a judicious manner and if it is a poor history, it indicates otherwise.
The good thing about examining the credit history of an applicant is that the he might fill in a position which requires handling of cash. In such a case, a responsible applicant is preferred over others and this responsibility is reflected in the timely repayments of loans and bills which are shown in the credit report. Of course, the employers will seek a written permission of the job applicant before going ahead with the credit checking process. But if the applicant does not give his permission, it gives a negative impression that he is hiding something. So the best thing to do is to furnish a satisfactory report and give your potential employers the permission to see it for themselves.
You can access a copy of your Cibil credit report through the credit bureau. Their website is www.cibil.com. Create a Cibil consumer login and password. After this, they will ask you to fill a form containing your personal information and email address. They charge an amount of Rs. 470 which you can pay online. Once the payment is done, they will mail you the online Cibil report on your given mail address. You can then show this Cibil score or Cibil report to your future employers.
And if you need guidance on how to improve your credit worthiness, then Credit Sudhaar is your answer. It is one of the leading credit health improvement agencies with a reputation of taking credit points of clients to new height through sheer professionalism and expertise. Their team of credit specialist will easily guide you through it so that you are hired for your dream job.
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