Heading for a Job Interview? Keep your Credit Card and Personal Loans Payments Clean

Do you have a job interview slated for next month? Then better check and make sure that all your credit card bills are cleared and there are no pending loan installments. Blame it on the several corporate frauds or learning from the west that many Indian companies have started asking for financial report card along with other certificates from candidates during a job interview. Read on..

“Companies in western nations are known to make credit checks before taking people on board. In India companies have started checking credit worthiness of an individual especially for senior level hiring. The trend is picking up in financial and IT sector companies,” said Harshala Chandorkar, senior vice president, consumer relations, Credit Information Bureau (India) Limited (Cibil).

Cibil is a central repository which collects and maintains borrower information from lenders across the country. Cibil issues a numeric score between 300 and 900, which indicates a customer’s payments history of loans.

“Companies approach us to share information on an individual but we are bounded by RBI guidelines, which permit us to give information only to banks and lending institutions operating in India. So companies instead ask candidates to submit their credit history report which an individual may get from our website,” said Chandorkar. Cibil has credit history records of over 120 million individuals.

Cibil is also working on to include mobile and telephone bill payment history to the credit worthiness of an individual. Industry experts said that credit ratings reflect on intentions of an individual which is a critical piece of information for most corporates.

“Most companies are known for doing a crime history and behavioral check. But now knowing credit worthiness of an individual who is going to call the shots at a senior level has become essential. Especially after the many corporate frauds that have resurrected in the past few months,” said Sunil Goel, director of executive search firm Global Hunt. Goel said that another two to three years from now, and almost all companies will go for credit check before finalizing on a candidate. Cibil officials said that most default in the country happens in the credit card and personal loan payments.

“Diligence among the home loan borrowers have been increasing. But credit card and personal loan payments remain an area of concern. Today, most banks and lending institutions in the country approve credit card or loan to individuals with a good rating,” said Arun Thukral, managing director, Cibil.

Posted on July 26, 2012, in Watch Out and tagged , , , , , , , , . Bookmark the permalink. 1 Comment.

  1. My application was rejected. Credit Sudhaar was my choice. Initially they were slow. But their counsellors were able to handle all my queries. I will give Credit Sudhaar a positive review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: