Having bad credit absolutely sucks. Collection calls, embarrassing credit checks and closed accounts are not only a blow to personal finance, but to the ego. Luckily for creditly-challenged (yes, i made that up) the White House has your back. Credit-checks for job seekers have been a much criticized practice here in the United States and now the Equal Employment Opportunity Commission is currently hearing arguments on the issue to the joy of unemployed fly-girls everywhere. Says The Wall Street Journal:
The underlying concern is that poor credit could become a barrier to landing a job. Employers contend credit checks help them evaluate candidates and protect against fraud.
Another concern is the potential discriminatory impact on hiring. That prompted the Equal Employment Opportunity Commission to hold a hearing Wednesday to listen to testimony from advocates on both sides of the issue.
Opponents of the practice cite studies showing that African-Americans and Latinos tend to have lower credit scores. They also dispute whether credit reports are an accurate way to measure an employee’s qualifications. An early 2000s study by Jerry Palmer, an Eastern Kentucky University psychology professor, showed that bad credit was a poor predictor of job performance.
All of us in the Parlour camp have been unemployed at one time or another, and we know the feeling it brings, but to have your chances dwindled because of financial difficulty while trying to make money can really kill your motivation, especially if that is the only barrier to employment. Good luck if you are in a search ladies, hopefully The White House is gonna make the right decision so you don’t end up like Fabolous.
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