Will Financial Difficulty in Edmonton Get in the Way of Finding Work?
There are many good reasons to confront any sign of financial difficulty in Edmonton as soon as possible. One of these is what happens to your credit rating as you sink deeper and deeper into debt.
Some residents of Edmonton ignore their plight in the hopes things will get better. To see them through to the help they are sure will materialize from somewhere, they rely on available credit. All the while they are making a bad situation far worse. Many Canadians are completely unaware that severe financial difficulty can get in the way of finding work.
You probably know criminal background checks are now very common in the employment pre-screening process for a wide variety of different industries. You may not know credit checks are becoming routine as well.
Employers feel a history of sound personal financial management is a good indicator of personal judgment and solid decision making. If your credit history has been destroyed by your financial difficulty, it could get in the way of finding work.
What can you do? Employers are like potential lenders in that they must get permission from you before they can check your credit file. The two major Canadian credit reporting bureaus – TransUnion Canada and Equifax Canada – will not release information without your authorization.
Refusing to grant permission to a prospective employer to check your credit is not going to help your cause very much. Instead, there are steps you can take to make your credit history appear a little better to employers, and they are all legal!
First you need to get copies of both of your reports and make sure they are accurate and up-to-date. The credit bureaus can only report what they are told by creditors. They have no way of verifying the accuracy of the information. You can challenge incorrect items and force the bureaus to correct whatever you find that is in error.
However, there is no way to eliminate or improve upon negative information that is accurate. But you do have the right to add letters of explanation to your credit file. If you can tell your story in a way that demonstrates you are taking sound steps to get back on solid financial footing, you can help overcome the negative impression your past financial difficulty can leave with a potential employer.
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