Nowadays, though it may sound as something new as a criterion of hiring, companies majorly from the financial services and IT domain are seeking your credit profile first. As employers in case of a weak score are refusing the offer made on the prima-facie that if the individual is burdened with debt he or she shall not be able to give his 100% on his job.
This is as per the study by Society for Human Resource Management and reveals that 60% employers are pulling the credit report of current and potential employees. So, this new practice makes all the more necessary for you to constantly track and review your CIBIL statement and report any wrong statements made and get them rectified from the relevant authorities.
It is to be noted that this check is made as part of the background screening done by the employer and checks for the economic and financial stability of the concerned.
How employees can ensure that they do not lose job due to bad credit report?
Repayment history information list all the current and missed credit payments and this can be reviewed by the potential employer to check your credit history. So, you can on a regular basis track this. Also, if there is any wrong reporting made to the CIBIL that can impact your report negatively, do make it a point to get it rectified at the earliest.