Will having a bad credit rating effect my chances of securing a position with a bank?

[Skydivin]

So I've recently been offered a Customer Service position with a bank as my interview was a great success. However, I was advised that they will be performing background checks on me before the offer is unconditional.

 

These checks consist of the following:

 

• Criminal Record Check
  
• Previous Employment Reference Checks
  
• Credit Check
  
• Character References
  
• Right to work in the UK
  

 

These checks will be carried out by a third party on behalf of the bank.

 

Although I have had no previous convictions and will be able to provide strong references as well as being allowed to work in the UK; my credit rating is poor. My question is: Will having a poor credit rating stop me from securing this job?

I am not bankrupt nor have I ever had any CCJ's/decree - just defaults resulting in a poor rating. This all happened when I was a student and was quite foolish with my finances and took out many payday loans which I defaulted on.

 

I have been given a start date and contract etc. However, I'm just scared this will fall back on me and result in me being refused or withdrawn.

 

Has anyone had any similar experiences? Your help will be appreciated.

[Emmzzi]

have you checked your report, and have you been honest with the employer about what is on it?

[Skydivin]

have you checked your report, and have you been honest with the employer about what is on it?

 

Thanks for your speedy reply Emmzzi.

I checked my crdit report back in September and it was very poor. In regards to your question about me being honest; the question hasn't came up. All I've been asked is if I have ever been bankrupted or had any CCJ's or an IVA. I was on a payment plan for my debt in the past but had to stop paying due to losing my job. I really hope my financial history won't impact me getting this job.

[dx100uk]

no it wont.

 

only BK/CCJ's/IVA etc

 

'bad debt' wont affect you

 

dx

[Sidewinder]

I think that i you have the opportunity to discuss the credit check then you need to do so as there is likely to be an element of discretion involved.

 

Whilst DX is true up to a point - CCJs etc are the most important aspects of a credit check to a prospective employer - they do use all available information in order to compile a profile of the candidate. It is mainly around risk - an assumption that somebody who has had defaults or worse might be more likely to commit an act of dishonesty, but also, a history of defaults and debt that isn't being repaid might reflect a certain attitude towards sound financial management.

 

Being able to explain that whilst your credit file might not be perfect, there were understandable reasons for getting into trouble, but that the problems are behind you and any debt is now being repaid, will look better than unexplained defaults and an apparently poor history of financial matters.

 

It isn't fair, but this is a competitive jobs market and employers can afford to be choosy.I will keep my fingers crossed that common sense is allowed to be exercised!

[Emmzzi]

I'd certainly call HR and make them aware. Hiding/ lying is far worse than a few or many late payments.