- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
It is usually seen that the CIBIL Score of an individual is checked while the individual is hired. This checking is a part of the background check that is done by the company that is going to hire that individual.
Many of the employers are known to check the CIBIL Score of an individual who has appeared for a job. Just like all the details in the resume of an individual are verified by the HR team, the CIBIL Score is also checked while selecting a candidate for a job. This is done because a company is bothered about the financial condition of that individual whom they are going to hire. After successfully verifying the CIBIL Score of an individual, the company is able to hire that individual without worrying about anything.
It is not that the job prospects of an individual depend on their CIBIL Score, but the fact is that an individual’s CIBIL Score is known to influence the decision of a company while the selection of a candidate.
An individual has better job prospects if his credit score is better when compared to the other candidates.
Most of the finance companies opt for hiring such candidates who have financial stability and know well to manage their finances. If your CIBIL Score is bad, then it will be difficult for the companies to trust you.
What Does the CIBIL Score tell the employer?
The CIBIL Score of an individual explains how much an individual should be trusted when it comes to the creditworthiness of an individual. This is because employers look for employees who are disciplined in fulfilling their financial commitments and are honest. This is so because organizations do not want to take a risk by employing an individual who has a bad CIBIL Score.
Can an employer check the CIBIL Score by themselves?
The employers cannot directly check the CIBIL Score of an individual. Employers usually ask the candidates to provide the credit report so that they can check the creditworthiness of that individual before hiring them. Therefore the employer cannot check the CIBIL Score of individuals by themselves all alone.
What is the Ideal thing that should be done for better Job Prospects?
If an individual wants to get selected for a job, then he has to make sure that there is no negative information on the credit report belonging to that individual. If there is any negative information mentioned in the credit report, then there are chances that the employer will not trust the candidate who has appeared for the job. In order to make the employer trust you, you need to give a `proper explanation to the employer for the negative information that is mentioned in the credit report.
What has Should done if the CIBIL Score is low?
If your CIBIL Score is low, then you need to work on it so that it improves before you apply for the loan so that you have a good impression in the eyes of the employer. When you work on improving the CIBIL Score, it not only benefits you in the short run like getting a loan or a good job, but also helps you in maintaining a healthy credit profile.
Job Rejections Because Of Bad Credit Report
An individual can be rejected a job when the employer finds out that the individual earlier had a credit card dispute on the credit report and when the employer cannot be convinced that there was no fault of that individual.
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