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NYC bars the use of credit checks in hiring
http://radiofreeliberal.com/viewtopic.php?f=4&t=13099
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Author:  ap215 [ Fri Apr 17, 2015 12:00 pm ]
Post subject:  NYC bars the use of credit checks in hiring

NYC bars the use of credit checks in hiring

New York City lawmakers are barring most employers from checking a job candidate's credit record.

http://www.cbsnews.com/news/us-city-bar ... in-hiring/

Author:  glenfs [ Fri Apr 17, 2015 6:24 pm ]
Post subject:  Re: NYC bars the use of credit checks in hiring

That is a very bad rule. Credit checks tell more about a person than just about anything.

Author:  cqsallie [ Fri Apr 17, 2015 7:08 pm ]
Post subject:  Re: NYC bars the use of credit checks in hiring

Credit checks do nothing of the sort, Glenn.

Author:  Number6 [ Fri Apr 17, 2015 7:46 pm ]
Post subject:  Re: NYC bars the use of credit checks in hiring

That is a very bad rule. Credit checks tell more about a person than just about anything.

What do they tell about a person?

Author:  glenfs [ Fri Apr 17, 2015 8:04 pm ]
Post subject:  Re: NYC bars the use of credit checks in hiring

What do they tell about a person?


They tell your history and much about your character. How responsible you are, how thrifty and if you have learned from past mistakes. There is nothing wrong with having credit problems....once or maybe even more if they are decades apart. Maybe you were irresponsible as a youth, corrected it then 20 or so years later lost your job or got ill for example.
On the other hand if you received a handful of credit cards, maxed them all out and made no or very little attempt at paying them off. That would indicate that you are a person not to be trusted around money or anything of value. As it would show that you have a sense of entitlement when it comes to other peoples property. As in they have more than they need so I should be able to help myself because they will never miss it.

Author:  Sam Lefthand [ Fri Apr 17, 2015 10:40 pm ]
Post subject:  Re: NYC bars the use of credit checks in hiring

Glen employers where I have been, have been getting along without that information my whole life long. Shucks I wonder how they survived?

Author:  cqsallie [ Sat Apr 18, 2015 1:07 am ]
Post subject:  Re: NYC bars the use of credit checks in hiring

It only reveals something if the prospective employer does his/her homework. person with a 700+ credit rating may be wise and frugal, or the son/daughter of wealthy parents. An employer would need to know much more about a person's history than a credit score.
The majority of personal bankruptcies are the result of medical bills.
"A study done at Harvard University indicates that this is the biggest cause of bankruptcy, representing 62% of all personal bankruptcies. One of the interesting caveats of this study shows that 78% of filers had some form of health insurance, thus bucking the myth that medical bills affect only the uninsured.
"Rare or serious diseases or injuries can easily result in hundreds of thousands of dollars in medical bills - bills that can quickly wipe out savings and retirement accounts, college education funds and home equity. Once these have been exhausted, bankruptcy may be the only shelter left."
Read more: http://www.investopedia.com/financial-e ... z3XdHl6jp9
Follow us: @Investopedia on Twitter
I had to have a co-signer to obtain credit for dental surgery some years back because I had no credit rating. You don't acquire credit unless you acquire debt. People who pay cash, or pay within a defined period - say 30, 60, 90 days, may think their credit is unimpeachable. It's not. One has to assume a debt with attendant interest, which has been reported to a credit agency as a debt, before a rating can be assessed.
The more debt you assume and pay off, the higher the rating. Buy things you could easily pay cash for, assume the debt at 22.9% interest at Macy's and watch your rating soar. Some people don't want to do this, but they must in order to establish a personal rating.
This tells a potential employer nothing about your character and work ethic, unless it's that you're a sucker and you've been lucky so far.

Author:  Number6 [ Sat Apr 18, 2015 3:12 pm ]
Post subject:  Re: NYC bars the use of credit checks in hiring


They tell your history and much about your character.

A credit check really only tells your history for the last seven years because that's the length of time for a bankruptcy takes to disappear from your FICO reports. Your character tells about nature of the individual. For example, a person may be actively involved in their community working to improve it but that doesn't show up in a credit score. Character is more about ethics and morals of the individual.

Quote:
How responsible you are, how thrifty and if you have learned from past mistakes. There is nothing wrong with having credit problems....once or maybe even more if they are decades apart. Maybe you were irresponsible as a youth, corrected it then 20 or so years later lost your job or got ill for example.

As sallie pointed out, unexpected medical bills are the major reason for bankruptcies in this country. The fact someone or someone in their family had medical problems doesn't define them as a good or bad prospective employee.

Quote:
On the other hand if you received a handful of credit cards, maxed them all out and made no or very little attempt at paying them off. That would indicate that you are a person not to be trusted around money or anything of value. As it would show that you have a sense of entitlement when it comes to other peoples property. As in they have more than they need so I should be able to help myself because they will never miss it.

This is your typical broad brush crap. Most Americans, and I'm willing to be this includes you, were not taught in school on how to manage you money. Most people learn as they go through life and mistakes are made. We have credit card companies that push credit cards on young people, especially those going to college, to get them used to charging and then slowly paying off their credit card over time so the company can make more money.

Student loans are a good example of how people can have tremendous debt problems for decades. A student with a high student loan debt wouldn't look good as a prospective employee and in your opinion they wouldn't be trustworthy to handle money. What it creates is a vicious cycle; borrow to get an education but can't get employed because they borrowed money that hasn't been paid back.

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