Over at msnbc.com there is a new article discussing how bad credit can impact your ability to find a job.  As the post notes, employers are increasingly using credit checks in their hiring decision making process.

Companies are not required to tell you if they’ve run a credit check and whether or not it impacts their decision to offer a job.  Consequently, no solid numbers are available as to how often bad credit impacts a hiring decision.  However, some anectdotal information is available.  According to the post:

“But a recent survey by the Society of Human Resource Management found that many employers use credit checks to screen job candidates. Of the roughly 100 employers who responded, 60 percent said they checked credit histories for some or all job applicants. That’s up from 43 percent in 2004 and just 25 percent in 1998.”

The reasons for the review vary and are obviously utilized higher for senior executives and for positions that have financial responsibility.  That being said, its clear that employers are checking because they want to see how reliable and therefore responsible the potential employee is.  The thinking goes that if you can’t pay your electric bill, how we can trust you to show up on time and do your job?

Credit checks will likely to grow as employers are increasingly requiring more and more data about the people they hire.  What will prove challenging for many is the reality that many otherwise qualified people will lose a job opportunity because they were impacted by the great recession.  With job growth continuing to lag, we may find ourselves in a vicious cycle that feeds on itself.