Many employers routinely obtain credit reports on prospective or current employees and use these reports in making decisions whether to hire an applicant, or promote or terminate a current employee. Since 2008, the United States has experienced one of the highest all-time rates of mass layoffs and job losses. A secondary effect of this recent recession and gradual recovery is a marked increase in the number of individuals re-entering the job market.
Because employers can now be more selective and, in many instances, are attracting highly motivated and credentialed candidates, the hiring process has become an employer’s market. As a result, the use of credit reports often plays an important role in an employer’s selection of candidates, and who does, or does not, obtain a coveted position.
Relationship Between Credit Reports and Job Performance Under Fire
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