Life's certainties: Death, reports?

By Layron Livingston - bio | email
Posted by Ellen Krafve - email

TYLER, TX (KLTV) - As the saying goes, death and taxes are the only true certainties in life. Try adding another item to that short list...your credit score. These days, your credit score holds even more weight beyond the car lot and mortgage lending office.

On social networking sites it's normally the last thing you think about...your credit score. But, the ads are there to make sure you know what that number is. Steve Lynch is with Workforce Solutions East Texas.

"Each employer has to set the standard for their business and what may seem unfair to us may not be unfair to them," said Lynch.

He says more and more potential employers are also interested in that almighty number.

"They use these credit reports for various reasons to analyze a person's credibility in all those things that are required in those jobs," said Lynch.

Any equal opportunity employer is required by law not to discriminate against age, race, sex, or disability. So, what makes your credit score any different?

"I think it's one of the areas that speaks to the character of a person because they do control it," said Sheri Sims, senior vice president of human resources for Southside Bank. "The first thing we're looking for is their knowledge, their skill, [and] their ability to do that particular job."

Sims said it's not uncommon for applicants to sign a waiver, giving Southside permission to pull a credit report.

"If someone is going to be handling your money, and they're credit score reflects irresponsibilty with money, then there may be some concern that they may be irresponsible with your funds too," said Sims.

We also spoke with Amber Smith, an insurance salesman for Threlkeld and Company. She said it's not just the financial industry that is interested in your credit score these days. In most cases, a customer with a higher credit score is less likely to file an insurance claim and pay out of pocket. Those customers also pay lower insurance rates.

Who knew that little three digit number could be such a big deal? We spoke with an attorney who told us a potential employer has to have a very good reason for pulling a credit report. Experts we spoke to also recommend disputing any incorrect information which may appear on your credit report.

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