Today many companies aside from lending insitutions rely on credit scores to access their risk. These companies include car insurance agencies, jobs, apartments, utilities, etc... Should this be allowed to persist? Should a credit score preclude a person from employment? Too me this doesn't seem right, or how the credit system was supposed to be used. Yes, if someone has a bad credit score they shouldn't be eilgble for loans and credit cards, but why should that impact your employment prospects or how much you pay for insurance? What if a person is a terrible and dangerous driver, but has good credit? I think the credit system should be reformed or done away with if it can't be used in a responsible way. What do you think?
2007-09-22 20:34:37 · 8 answers · asked by T 2 in Business & Finance ➔ Credit
I agree 100%.
If they are going to use our credit score to establish eligibility for jobs, rentals, and utilities, then there should be reciprocation. If you show up at work the entire week, you should get an additional fico point. If you don't use any sick days in the work year, you should get a bonus of 10 fico points. If you pay your rent on time, you should get an additional fico point. If you pay your cable bill on time, you should get an additional fico point. If you turn that dvd in on time, you should get an additional fico point. If they aren't willing to do this, then why on earth are they using it in the first place?
The sad thing is, it reduces individuals to a single number and tells you nothing about the real person.
2007-09-23 05:18:35 · answer #1 · answered by the_dragyness 6 · 1⤊ 0⤋
I think here in Australia it is much more limited in its scope than the US.
Only legitimate companies offering you finance can check or use your rating.
Bankruptcy on the other hand is more public. Which means if you've really had big problems, people will know.
I think our system seems to work well. The only way an employer could get your credit rating is if it was a Government agency and you needed a high level (like Top Secret) security clearance. Then you sign an authority.
This is one thing that worries me most with out-sourcing of telemarketing jobs to other countries. If you give permission to, say, an Indian to access your records, I'd be surprised if any breach of that confidence was ever actioned.
2007-09-22 21:12:48 · answer #2 · answered by Quandary 7 · 0⤊ 0⤋
I became sick a few years ago and because of this had to cut my work hours in half. This caused me to not be able to pay back some credit cards that I had. I lost my job in January from missing too much work due to illness. I have been trying to find an easy part-time job to help pay for my car while I attempt to get some help through disability. I haven't been able to get a job because they keep checking my credit history and I've been turned down for at least 2 job offers because of this. I don't think it's fair because I am a good person who was just unable to pay for the credit cards but yet I am punished. If I don't find a job soon I will probably lose my car. I agree that it's not being used responsibly.
2007-09-22 20:45:28 · answer #3 · answered by Turtle 7 · 1⤊ 0⤋
I agree with you. There are people with bad credit who just had bad luck because maybe they lost their job and was simply unable to pay their bills. It needs to be adjusted at the way that companies use the credit system.
2007-09-22 20:39:46 · answer #4 · answered by RainCloud 6 · 2⤊ 0⤋
The credit system is based on ability to pay not on your lifestyle. It would be pretty grim if finance companies governed the way you lived your life.
2007-09-22 20:38:46 · answer #5 · answered by Anonymous · 2⤊ 0⤋
i agree totally.your credit should not have anything to do with getting a job.it shouldnt have anything to do with getting insurance or paying rent.long as you pay is what matters.they take it to far and each time paces check it your score goes down.
2007-09-23 01:58:44 · answer #6 · answered by mamanana9 4 · 1⤊ 0⤋
I am with you here Specially when it comes to JObs. just cuz you like spendin money does not mean you a good worker, and besides you need to work to spend money. so its dumb even for them to check( i think). It should be LIMITED! I dint know isurance used it too i thought it was just a identity thing...
2007-09-22 20:39:34 · answer #7 · answered by Spike Spiegel 2 · 2⤊ 0⤋
YES FAIR ISSAC CORP. IS A FINANCIAL DICTATOR, NO ONE NUMBER SHOULD DETERMINE
THE AMOUNT A PERSON CAN BORROW. FICO IS A CORRUPT SYSTEM.
IT FORCES PEOPLE TO BREAK THE LAW.
WE NEED TO PASS A LAW THAT WILL RENDER THE FICO USELESS.
2015-01-01 03:56:44 · answer #8 · answered by ronmilcofingroup 2 · 0⤊ 0⤋