Free Credit Report – What Is An Employer Looking For In A Credit Report?

If you’ve ever applied for a job or are in the process of looking for a job now you may be wondering why your future potential employer wants a copy of your credit report. Of course you always want to maintain a good credit report and FICO or credit score because there are many ways it can be used for or against you including with potential employers.

A credit report to an employer is just another means of gathering more information about you and gives them background information. They can find various ways on your credit report to verify what you’re reporting on your resume. For example, you may have included past employment information on a credit card or loan application and they want to see if it matches, if you have left something out or have used different dates.

If you’re applying for a job that involves handling money such as bank tellers, financial loan officers or any finance-related business or cash handling businesses such as restaurants or retail operations they’ll want to check you out thoroughly.

Also if you’re thinking about working in any kind of business where you would be handling valuables such as jewelry that could easily be hidden you may go through a more thorough background check including your credit report and credit score.

A prospective employer will look for bankruptcies, although they cannot reject you for this, to see how you’ve handled your money and finances in the past.

They’ll always certainly try to match your past employment history with what you’re reporting on your resume so make sure you get your dates right. You don’t want to be rejected because you forgot what dates you worked for a particular business or company.

Employers will check your credit report for any evictions from past housing. Of course some landlords and property management companies don’t report evictions but a good reason to see what’s on your current credit report for yourself so you know just where you stand.

They’ll also look for any repossessions, foreclosures or reports from collection agencies and verify your social security number.

A big concern they have is theft by employees. To cut down on this they look for bounced checks on your credit report or any other indications you’re not honest.

Your employer does have to get your written permission to take a look at your credit report. So make sure you get a copy of your current report and look it over so you know what’s in it. You can get a free personal, online annual credit report in an instant. Even if you had one a year ago you want to get a free report now. You want to look over your credit history to know where you stand.

To answer the question what is an employer looking for in a credit report this is basically it although there are a few other things. Get you credit report as soon as possible so you’ll be fully informed when you apply for a job and it’ll pay off for you. You don’t want to be turned down on the basis of something in the report that you aren’t aware of or just overlooked.

To know what you are available to get when it comes to credit as well as to know where you have gone wring and to make a start trying to fix it you will need to get access to your credit report. Unfortunately some people have not been able to do this because they do not have a credit card, but now this has changed as you can get a free credit report no credit card needed.

The benefit to this is that no matter whether you have a card or not you can find out the information that is held about you when it comes to your financial status.

There is a reason besides making money why you have in the past needed card details, and the reason for this is that the company would be able to ensure that the person applying for the details on your account is actually you. People without some kind of authentication would be able to take access to your information no matter who they were.

There is a way around it and this is what some companies now offer, the way they work around the authentication process is that they will send a code to your registered address, just to ensure it is you that is actually requesting the information. Once you have the code, which is usually within a few days, you can then access your pass worded account and add the security code that you have received via mail.
By having this information you will be able to see what information others have about you, where you have gone wrong if that is the case as well as knowing how much credit you would be able to get should you need it. It will also let you see why you may have been refused credit in the past as well as knowing if there has been any fraudulent use under your name.

Fraud is a problem that is increasing and unfortunately even those people who religiously pay any kind of bill and repayment that comes up are having their credit rating scorched, but without access to your report you would not be aware of this for a while, at least by getting such access without a credit card such activity can be dealt with as soon as possible and you will soon be able to have the information on your account that only you are responsible for.

We have not all been perfect when it comes to meeting repayments but you will need to know the information about our habits so that we can start to put this right. You could contact the company and offer to make payments on a regular basis and also contact the people who have your credit information to update it accordingly. This is really useful and important when it comes to your future as repairing this information will mean that you will be able to get credit where you may not have been able to before and even for people who do have credit and debit cards. Not everyone feels comfortable giving this information out so at least there is another option.

Assuming you already have a copy of your annual credit report you may have already found some errors that should be removed. Errors should always be a big concern because they can and probably have affected your credit score, also called a FICO. You can repair your credit with a little bit of help.

It may seem like a lot of work but it’s really easy. The hardest part is actually sitting down to do it. You’ll need to check all three credit bureaus to make sure the same error isn’t on all three but if you just have one credit report, start with that one.

First make a list of any and all errors that you find on your personal credit report. These could be in the form of personal information such as birth date or more likely there will be information that you know not to be true such as late payments or no payments recorded etc. If you think there is any possibility that you could be wrong check your past history with the creditor in question first.

You want to make sure you are right before you make the request to have any information removed from your credit report.

You will be sending the letter only to the credit bureau mentioned on the report, which would be Esperian, Equifax or TransUnion. You don’t want to sound angry in the letter, just be matter-of-fact, straightforward and business-like. Just outline the facts – name of creditor, dates, and the error(s) or problem(s) you’re finding on the credit report.
Here is a sample letter:

Date:

To whom it may concern at Esperian (or other credit bureau):

I recently acquired a copy of my credit report and found some errors that I’d like to dispute. I am enclosing documentation to prove the information is incorrect and would like a correction. I value my good standing and good credit history and want to maintain a good credit rating and credit score.

Name the creditor along with the reference date including the month, day and year if possible.

The error(s) I have found are:

I’m including copies of my payment record, with a (cancelled check or online payment print-outs or any other documentation that you have).
I would appreciate any attention to the matter as I would like my credit report to be accurate. I’m sure you understand that credit bureaus need to include only information that is accurate in my file.

Thank you for taking a look at my letter and file and hopefully making the necessary corrections so I can continue to maintain my good credit standing. Please let me know that my file has been reviewed and what action has been taken. I would also like a copy of my corrected credit report sent to the enclosed address. Thank you.

Sincerely,

Besides your full name as shown on the report, include you mailing address, a copy of the report that you have, your social security number, driver’s license photocopy and any other documentation such as a cancelled check or online payment confirmations.

Make a copy of the letter for yourself and a copy of any enclosures with the letter. Send the dispute letter by certified mail with a ‘return receipt’ requested. Then make sure to get the free credit reports from the other two main credit bureaus or reporting agencies to make sure they don’t have the same incorrect information. You can get free instant credit reports from the other two online.

The higher your score in your credit report, you can buy the confidence of the financial institutions. You will be able to take your pick from a variety of financial institutions while applying for a loan. Your credit reports and your FICO score are the best tools available in the hands of the financial institutions to judge your reliability.

Calculating Your FICO Score

Calculating your FICO Score by means of a complicated mathematical formula is done taking into account your present and past financial dealings. There are a number of things that are taken into account; mainly your financial records are probed deeply. You income is assessed in terms of your expenditure, the debts that you have incurred are also considered. Whether you are involved in some sort of a loan with other financial institutions or have dues in car payments or have a host of credit cards that you used previously.

Your accountability factor in terms of repaying your loan is judged. If you are punctual and have maintained a desired level of consistency in paying back your loans, then you are likely to have a higher FICO score, otherwise not.  Calculation of your percentage score is done on the basis of the financial activities that you have been involved in, both in the past and the present.

However, it is imperative that you go through a copy of your credit report online frequently, so that you can check for any sort of frauds, errors or wrong information. You need to keep a tab on the credit report as any wrong information or errors will invariably harm your reputation and affect your credit score. With time, the whole system is becoming advanced and more transparent and you can readily get the required information, free copy of your FICO score via the internet.

The Average FICO Score in the USA

The average FICO Score varies but the range is 300 to 850. Now Americans who boast of good credit score have 850 in their kitty, having the highest score. For that matter a credit score above 700 is considered good enough for the moneylenders to trust you. Your credit history should be good enough if you want money or big loans from the money lenders. The unfortunate ones who get the tag of having a poor credit usually have 300 credit score.

Duration : 1 min 14 sec

[veoh v19679675nzGsPzaR]

Duration : 1 min 23 sec

[veoh v19679512xscBgSJg]

Duration : 1 min 23 sec

[veoh v19680234ZJa7XEHx]

Duration : 1 min 34 sec

[veoh v19680096ssGmtyt7]