Your job is your credit: do you know what it means? - OneBlinc.com Blog (2024)

FAQs

Does OneBlinc check credit? ›

OneBlinc doesn't even use credit checks, though it does report customer payments to Equifax, Experian and TransUnion.

The extent to which employers can use a credit report in hiring decisions also varies from state to state. The following states prohibit companies from making hiring decisions based solely on credit: California.

Approximately 51% of employers include a credit check for employment, according to a recent survey of HR professionals. Companies do this to get additional insights into candidates and look for potential red flags.

It's a financial commitment to repay money borrowed plus interest in a timely manner. Failure to repay your credit as agreed can affect your ability to borrow, rent, or even get a job. Lenders use your credit score to determine if it is safe to lend you money.

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Once your documents are uploaded and marked "in review", loan decisions are made within 24 hours (not including weekends or holidays).

Employers don't get a credit score during this process, and thus there is no minimum credit score for employment.

Keep in mind that while employers can legally pull your credit report, it's one of many factors that go into getting hired for a new job. But there is a simple way to appear just as good on your credit report as you do in your job interview: Make sure you always pay your bills on time.

Many companies will conduct employment credit checks as part of their hiring processes. Although employers don't have access to your three-digit credit score, the other information in your credit report could be the difference between getting your dream job and getting passed up.

Many employers, especially when hiring for positions that include financial management, perform credit checks on job candidates before making employment offers. Employers can use credit report information to verify identity and may look for signs of excessive debt or past financial mismanagement.

Why does my employer want my credit score? ›

Companies want to get a clear picture of your ability to manage your finances because this could reflect how well you can handle large amounts of financial responsibility within the company. Many companies also believe that a credit history provides insight into an applicant's integrity consider.

Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.

Salary crediting is a simple process. Once an employee opens a bank account, they need to provide their employer with their bank details. The employer then initiates an automated transfer of the employee's salary to their bank account on the designated date.

Fortunately, no one's credit score can equal zero – the range for FICO scores is 300-850 – and even people with poor or bad credit have a credit score of at least 300. A “no credit score” means there is insufficient information for a credit score calculator to compute a score.

Credit hours are hours that an employee elects to work, with supervisory approval, in excess of the employees basic work requirement under a flexible work schedule.

Secured loans require you to pledge collateral in order to borrow money. Lenders review your credit, finances and the value of the collateral to determine whether you qualify for a secured loan. If you fail to repay a secured loan, a lender can take the collateral.

Payday lenders have few requirements for approval. Most don't run a credit check or even require that the borrower has the means to repay the loan. All you typically need is identification, a bank account in relatively good standing and a steady paycheck.

Payday loans are small, short-term loans — typically no more than $500 — that many financial experts consider predatory due to their high interest rates and fees. These types of loans are typically marketed to those with little or bad credit, since they don't require credit checks.

Both Direct Subsidized Loans and Direct Unsubsidized Loans are offered to students regardless of their credit history and neither will result in a hard inquiry. A Direct PLUS Loan, however, does require a credit check, so if you're considering one, your credit scores may take a slight hit.