Prospective Employers and Your Credit Report

Every o­ne knows that less than bad credit affects your chances of acquiring more credit or better credit terms, but it can also affect your chances of getting or keeping a job. Employers apparently   use credit reports when they hire and evaluate employees for promotion, reassignment or retention. In accordance with the terms of the Fair Credit Reporting Act (FCRA) an employer must obtain your permission to review your credit report. If you are turned down for a job because of information in your report, the employer provide you with written instructions o­n how to challenge the correctness of the information in your report. Negative (but accurate) information can stay o­n your report for seven years; bankruptcy may be reported for 10 years. Therefore, everyone is advised to check their credit reports o­nce a year to make sure they are accurate and complete. Copies are available from the three major credit reporting agencies: Equifax - 800-685-1111 ( www.equifax.com );   Experian - 888-EXPERIAN (397-3742) ( www.experian.com ); and Trans Union - 800-916-8800 ( www.transunion.com ). Your report may cost up to $9; in some states, they are free of charge. To protect your rights under the law, contact both the credit reporting agency and the information provider to dispute any information that is inaccurate.