Credit cards. Mortgages. Car loans. These are the types of things that typically come to mind when thinking about your credit. But a bad credit history can do more than ruin your chances of getting a loan or landing a great interest rate — it can cost you a job.
Brian Larsen, 43, says he couldn’t find a job for more than a year thanks to his credit report, which took a hit after he made four late mortgage payments and went through a short sale on his Massachusetts home at the peak of the financial crisis.
His credit was the last thing on his mind when he decided to move to Surprise, Ariz. last year. With 14 years of banking experience under his belt and great recommendations from previous employers, he was confident he would have no problem getting a new job.
But it turned out he was much less desirable than he thought. After running credit checks on him, more than a dozen employers told him he was too much of a credit risk.
Chosen excerpts by Job Market Monitor. Read the whole story at