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Low credit scores may be affecting job prospects

On Behalf of | Feb 11, 2013 | Credit Card Debt, Firm News

Many Florida workers have suffered during the recession and are working less than they would like to, or are working at a job that pays less than their previous job. Florida residents continue to seek out additional employment, but often face barriers. What many may not know is that about 47 percent of employers check credit reports as a part of the hiring process.

Eight states have already outlawed the practice, but it remains lawful in Florida. For many job seekers, the connection between the duties of the job and the state of their personal finances seem questionable. For one man who spoke with reporters, the connection between his ability to continue to work as a shoe salesman and his need to file bankruptcy after a large hospital bill seemed tenuous at best.

Large expenses like hospital bills or unexpected home repairs can be devastating to personal finances when one is unemployed or between jobs. As a result, Florida residents who are unable to pay off large medical expenses or similar debt choose to seek bankruptcy protection to reorganize their debt and have a portion of it discharged if possible.

As many people know, bankruptcy protection does have a negative impact on one’s credit rating. While credit ratings often improve over time, it can take years to return to a high rating.

What do you think – is it fair to discriminate against job applicants with lower credit scores? Or does this practice unjustly add insult to injury by preventing financially struggling job applicants from getting back on their feet?

Source: CBS MoneyWatch, “Bad credit ratings sinking job hunters” Kathy Kristof, Feb. 6, 2013

Our Orlando law firm helps Florida residents find the best legal solution for their debt struggles, including solutions for consumer credit issues. More information is available on our website.

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