In a volatile economy, credit scores may keep people from getting a credit card or securing a loan. But for some, it could also mean missing out on a job opportunity.
A number of companies use credit scores as part of the hiring process. A new bill sponsored by two members of the House of Representatives aims to curb that practice so that people will be able to earn jobs, helping them get out of debt.
“This bill is necessary to prevent the loss of job opportunities for those who need them the most and to stop a vicious cycle that only hurts those who are trying to improve their credit,” said Representative Steve Cohen, who sponsored the bill will Representative Luis Gutierrez.
If passed, the bill would allow for only certain job positions to be open to a credit check as part of the hiring process. Those would include some positions in the financial sector and the government.
According to numbers released recently by the Department of Labor, seasonally-adjusted, first-time unemployment claims went up by 25,000 to 584,000.