As of July 21st, 2011, The Dodd-Frank Amendment Act to the Fair Credit Report Act(FCRA) requires employers who use consumer report with a credit score to determine job eligibility, must inform the applicant that a credit score was used, specify that score and identify the agency that was used in determining that score.
Ontop of the current fierce competition in the job market, this new requirement will further reduce the amount of applicants businesses maybe looking at for employment.
This could be a disasterous attempt at fostering the nations employment or a way to weed out canidates that may appear unfit for their position because of various reasons linked to bad credit. With the ever growing pool of resume's being sent in, it may help to reduce that pile by adding one more job requirement, but is it a good way to measure a persons ability to do the job?
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