Bad Credit Mortgage Rating

Warning: Bad credit can blacklist job seekers

Your credit rating. Most people only worry about it when they're applying for a mortgage or credit card. But did you know your bad credit rating could keep you from getting the job you want?

If you're applying for a high-security job or a position with heavy financial responsibilities, the way you have handled your personal finances can color your chances of being hired in these sensitive, accountable situations.

Why is it anyone's business if you have a little 'bounce' in your checks?

Credit rating and job performance -- what does one have to do with the other? Apparently, plenty.

Clifton O'Neal at TransUnion credit reporting agency in Chicago notes: "Studies have shown a correlation between how people manage personal affairs and their job performance, especially if they're in charge of financial information."

It's a fact -- companies are going to snoop into your background.

SUB PRIME LENDER SEES BAD DEBTS DOUBLE IN A YEAR

Bloomberg has reported that bad debts doubling at the (mainly sub-prime) lender Kensignton mortgages has caused an 11 percent drop in their share price in early morning trading.

Mortgage lender Kensington Group's shares plunged 11pc this morning after it warned that bad debts doubled in the first half of the year and that it was suffering from increased competition.

Bad debts at the company, which lends to borrowers with below-average credit records, jumped to 24.5m in the six months to May 31, from 11.3m a year earlier.

Chief executive John Maltby said: "We do not expect market conditions to get any easier during the rest of the year." Kensington shares fell 118 to 910p in early trading.

Stuart Duncan, a London-based analyst at Numis Securities who has a "sell" rating on the stock, said: "There has been a big jump in the bad debt charge.

Building a Good Credit History Is More Important Than You Think

If you were ever turned down for a loan, charged higher interest rates, or had a landlord refuse to rent you an apartment, it could be because of your credit history.

Your credit history may make you appear to be a bad risk, or indicate that you sometimes have trouble making your monthly payments. Maybe you never had credit before, so there is no track record of how you pay back money you borrowed. Or maybe - without knowing it - you were a victim of "identity theft", which affected your credit rating.

Many Canadians - especially newcomers to Canada or students - who do not have much experience with credit would be surprised to learn how crucial it is to build and maintain a good credit history if you want to qualify for a mortgage or other types of loan.

To help consumers understand the ins and outs of credit, the Financial Consumer Agency of Canada (FCAC) has developed a useful booklet called Understanding Your Credit Report and Credit Score, which you can obtain at no cost by calling FCAC, toll-free, at 1-866-461-3222, or by visiting the Agency's Web site: www.fcac.gc.ca

Know how credit reporting works

Three major credit-reporting agencies in Canada - Equifax, Transunion and Northern Credit Bureaus - keep a file on consumers, called a "credit report".

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