A survey released by the Society for Human Resource Management found that an increasing number of employers are using credit checks to screen job applicants. Unfortunately, the credit checks are resulting in a larger number of applicants being turned down for jobs thanks to a missed payment on a mortgage loan, auto loan or credit card.
According to the survey, 60 percent of employers were using credit checks. This represents a significant increase over the 35 percent reported in 2003. With so many people suffering through the residuals of the Great Recession, experts believe employers’ timing for the use of this screening technique couldn’t be worse (CNN Money).