People are getting jobs by looking at their credit score; improve it immediately, or else you will become unemployed
Credit Score: Till now, credit score was considered important only for taking a loan, but now it has started affecting your job as well. Especially if you are thinking of working in a bank or any financial institution, some companies are giving jobs based on your credit score.
Credit Score: People have to do a lot in search of a good job. Along with working on their skills, people also work on making a good CV. At the same time, some companies also check the credit score of the candidates to give them a job. If it is bad, then you may have to lose your job. Actually, some companies related to the banking and finance sector also check the credit score of the candidates while giving them jobs. In such a situation, it is very important for the candidates to have a good credit history to get a job in these sectors.
Often, while giving a loan, the bank or any non-banking finance company checks the civil score and credit score of the person applying for a loan. However, the terms credit score and civil score are used interchangeably. TransUnion CIBIL Limited was formerly known as Credit Information Bureau (India) Limited (CIBIL). It is a credit rating agency. Apart from this, there are three other credit rating agencies, namely Experian, CRIF High Mark, and Equifax. At the same time, a credit score is an important metric that is used to assess a borrower’s ability to take loans.
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Difference between a civil score and a credit score?
The main difference between a civil score and a credit score is that a civil score is issued by the Civil Credit Bureau in the country, while a credit score is only used to assess the financial capacity of a person, which can be determined by many credit bureaus. Civil score ranges from 300 to 900 and includes information about the person’s credit history, debt, and repayment.
It is important to have a better credit score
A credit score is a kind of number that tells how well you fulfill your financial responsibilities or not. If you pay your loan EMI on time, pay your credit card bill on time, then your credit score is good. In India, agencies like CIBIL, Equifax, and Experian determine this score, which is usually between 300 and 900. A score of 750 or more is considered good.
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Companies check credit scores
According to the news published in Business Standard, not all companies usually check credit scores. But in banks, insurance companies, and some government financial sector companies, where big decisions related to money are made, checking credit scores has become a common thing. For example, if you are applying for the post of manager or cashier in a bank, then the company would like to see how responsibly you handle your personal finances.
Talking to Business Standard, banking and financial expert Mohit Gang said that now some employers consider credit score as a part of the background check. They believe that if a person cannot manage his finances properly, then he may not be able to fulfill his company’s responsibilities properly.
Can a bad credit score lead to a loss of a job?
Experts say that due to a bad credit score, job applications of some candidates may get rejected. Companies believe that if a person is not able to manage his finances, then his stress and pressure can affect his work as well.
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