Negative credit ratings can hurt you in many ways, even when trying to get a job. Is this fair? Many people don’t think so.
Senator Elizabeth Warren of Massachusetts is campaigning for a bill that will prevent employers from rejecting applicants with bad credit. The Equal Employment for All Act would amend the Fair Credit Reporting Act by stopping employers from requiring or asking applicants to disclose their credit history and from obtaining consumer or investigative reports. The proposed act also prevents employers from disqualifying job applicants based on a bad credit rating or any other data on a person’s credit. Six other senators are supporting this act: Sen. Richard Blumenthal (CT), Sen. Sherrod Brown (OH), Sen. Patrick Leahy (VT), Sen. Edward J. Markey (MA), Sen. Jeanne Shaheen (NH) and Sen. Sheldon Whitehouse (RI).
In a statement Sen. Warren said:
“Much of America—hard-working, bill-paying America—has a damaged credit rating. There are a lot of different reasons, but a lot of people just caught a bad break. They got sick. Their husband left or their wife died. They lost their job… Problems only got worse after the financial crisis. Shrinking home prices made it impossible to sell or refinance a home. People lost their small businesses. Smaller savings left people without much cushion to ride out the tough times. People missed a payment or went into debt. ”
The bill needs 50 co-sponsors to go to committee. Citizens can become co-sponsors by clicking here.
Source: Madame Noire