Will My Bad Credit History Cost Me A New Job? | Refresh Financial

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Will My Bad Credit History Cost Me A New Job?

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There are so many reasons to care about your credit score and to be interested in learning how to build it. A good credit score opens the door to many opportunities not available to those with poor credit. With great credit, you’re going to be able to get approved for a mortgage and buy a house. You’ll easily be approved to finance a car and you’ll find getting approved to rent that apartment that required the credit check easy as pie. You can unlock better interest rates on the money you borrow and have stronger negotiating power when it comes to borrowing.

If you have poor credit, your life becomes infinitely more difficult as you lose access to all of these things while you struggle to improve your credit.

Now, poor credit can even affect your ability to secure the meaningful employment you’ll need to improve your credit.

Are employers able to check my credit score?

The practice of checking the credit scores of potential hires is, understandably, controversial though. A poor credit score doesn’t always mean that the candidate is irresponsible or unreliable. A poor credit score could be a reflection of economic downturn, or unforeseen financial hardship. The candidate in question could still be the hardest working potential hire in the mix, but the employer might pass on them because of their score.

Employers see the practice as precautionary, while potential hires see it as unfair.

Even though the practice is under heavy fire, it is, in fact, legal for employers to check your credit score in Canada. According to some studies, nearly half of all Canadian employers engage in credit checks during the hiring process. In fact, the Canadian government itself has made credit checks for all public servants mandatory.

Wondering how to build your credit score quickly? Read our article: “How many months does it take to build credit?

Why are employers checking my credit?

Employers are, increasingly, making use of credit checks before deciding who to hire. It’s a much safer bet that you’re hiring someone responsible, disciplined and reliable if they have good credit. This practice is quite common in the United State of America, and is becoming closer to the norm here in Canada, too. It is a way for hiring managers to cut down on heavy turnaround if they can have some idea how reliable an employee will be.

With some in Canada calling the practice discrimination, it has been the target of heavy debate. Employers who make use of credit checks have fired back, citing studies which suggest criminal behaviour in the workplace is linked to poor credit. Crimes that occur in the workplace such as theft tend often to be committed by employees who live outside of their means and struggle to make ends meet.

So, even though the practice of checking a job applicant’s credit is controversial, it doesn’t seem to be a practice that will be going away anytime soon. It seems like something, rather, that we’re all going to have to adjust to.

So, what does that mean for you? It means that the credit problems you’ve been trying to sweep under the rug need to be dealt with sooner rather than later. Even you are currently employed, many things can change that and you could find yourself in the job market once again. Prepare for the worst by improving your credit score before that happens.

How to build your credit score, fast

If you’re looking for work, now, and you’ve come up against this problem with every job prospect on the horizon, the time is now to get your credit and debt under control. Consider the easiest way to build your credit score quickly; consider a credit building program.

You don’t need any security funds up front, and you’ll have a chunk of cash at the end of the process to pay down debts you might currently be battling with. So long as you keep your other debts in good standing during your secured savings loan period, your credit score will soar. Don’t let your credit lock you out of a job. We will teach you how to build your credit score and stay on the right track.


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    What Canadians are saying about Refresh

    I would like to thank Refresh Financial for helping me get out of a bad spot. I never thought it was possible and almost gave up on things and then I saw Refresh Financial and and gave it a try. At first I was unsure of things but to see my credit score now makes me a believer in this program.

    – Aaron A

    “It hasn’t even been a year yet, possibly only 6-7 months, and my TransUnion score has gone up over 100 points. That was only the tip of the iceberg as recently I was able to get a consolidation loan from my bank that allowed me to move forward and make things easier for me. Talk about second chances!”

    – Angelica M

    “I am now in a position where I am able to obtain credit (just bought a brand-new car and refinanced my mortgage for a fantastic rate) and it took little to no time at all. I would 100% recommend Refresh to anyone looking to rebuild credit with as little hassle as possible.”

    – Cathy M

    “I had not heard of a company doing such a thing before someone suggested it to me and it made sense. I am not very good at saving money and Refresh Financial helped me. I have dealt with them for years now and never had a problem. The customer service is excellent and fast.”

    – Chris C

    Refresh helped me regain credit following a nasty divorce, which left me with a very poor rating. They were able to remarkably help me go from a 480 to a 600 score, in just over a year. Thank you Refresh!”

    – Deb K

    I have watched my credit score jump since being with Refresh and I have already recommended it to friends and family. Thank you for helping me build my credit faster for my future and my children’s future :)”

    – Heather T

    At first I was skeptical because I wasn’t getting funds upfront and had to make payments when I really needed the money. I’ve been in the program a year now and have noticed my credit has improved drastically!”

    – Irene L

    I have been a client of Refresh Financial for approximately 3 years. Since being a client they have improved my credit immensely. Definitely recommend this company to anybody that needs help re-establishing credit.”

    – Jason I

    “I recommend this program to anyone having credit issues. At the end of the agreement, your money is refunded to you. There were times I found myself short on cash and Refresh, with permission, used a portion of my money to clear up my arrears.”

    – Margaret L

    “I would like to thank Refresh Financial for their professionalism, great customer service and for helping get back to a better financial situation. I have always been treated with the utmost respect.”

    – Martine B

    Refresh Financial is an amazing program to help people get back on their feet. I was rock bottom with nowhere to turn. My credit was beyond poor. I would recommend them to anyone. If I can do it surely anyone else can.”

    – Matthew S

    “Great company to deal with for rebuilding credit, very simple process to get started. Good service if you ever have questions.”

    – Mike L

    This business truly cares about its clients. The customer service is always quick to return calls or emails. Their online portal functions very well so as a customer you are always updated as you progress with your loan.

    – Phil J

    “Refresh Financial has made us more aware of how to take care of our financial situation and be more responsible, and making payments on time is rewarding in the end for credit. Thank You sincerely.”

    – Rocky M.

    “Refresh financial is great!!! They boosted my credit score, helped me save money and helped my husband and I buy our house;) I was not only a number to them, they stayed in touch and helped me out along the way. Answered all my questions and concerns.”

    – Sara B

    “Refresh Financial had been exceptionally good to me! I’ve just been out on medical leave and they have accommodated me with my payments without hesitation!! I was in a really bad spot with my credit and they have helped me to try and correct it!! Bravo!”

    – Shannon B

    This company has been nothing but fantastic. They have gone above and beyond to help me. This program has given me the relief and peace of mind I need. I would certainly go back to them and give them names of people who could use this.”

    – Shirley K

    The financial services products are excellent for new immigrants, low-income earners and small business owners. Loans, savings and credit building all in one solution is a perfect fit to help with financial goals and stability.”

    – Soraya H

    “After successfully going through a credit rebuilding loan, I was able to use my built-up equity to purchase a newer vehicle and I have since been approved through a financial institution for a loan.”

    – Tanya W

    “I made some poor credit choices when I turned 18 and have always had this lingering thought of how am I ever going to better my score. Since being with Refresh I have realized that I took the right step towards bettering my future.”

    – Taylor B

    “Thank you Refresh, and my relationship manager for giving me the tools for a better score with a secured card and two credit builder loans. I feel absolutely confident I’m on a better path to financial success. I am happy to be a long term client.”

    – Trevor P

    I’m so excited I’ve joined refresh! I’ve already seen a huge increase on my credit after the first month! The staff are a delight and make this so easy to understand. I strongly recommend Refresh Financial even if you have good credit this will give you a boost and you’re saving money with the reverse loan!”

    – Wayne B