How to disclose poor credit after job offer?
The interviews went very well and I landed a (tech) job offer that I accepted. However, I have a poor credit score due to a bankruptcy declared two years ago. What should I do when I will be asked to sign for credit check and for a company credit card (amex who certainly will refuse) on the first day? Could the company rescind the offer? What should I do now that I already resigned from my previous employer?
Asked by:lmk
ontheroadto1m posted: 16 Nov at 12:30 am
It used to be unlikely for companies to check your credit report, but it’s becoming more and more common. According to an article in the LA Times called “Trapped: It’s hard to get a job if your credit is bad” (see sources for the link), the proportion of employers running credit checks has increased by 55% in the last 5 years, and is now equal to 33% of all employers.
Credit checks are most common for jobs that imply working with money or valuables, such as for bank tellers or jewelery shop assistants. In principle a tech job doesn’t seem so likely to require a credit check, but if they’re going to offer you a company credit card then they may run it anyway.
One possibility is that you explain to them the reasons why you have bad credit. Companies associate bad credit with lack of trustworthiness on the part of the potential employee, but if you show to them that you have bad credit due to health problems, divorce, or similarly unpredictable circumstances, they may not take it into account.
Checking credit reports is not legal for employers in all states. You may check if it’s legal in your state, and if not you may refuse to give them permission to do it.
Otherwise, you just have to wait and see. They may not check your credit report or may not consider it enough to withdraw the offer.
Good luck!