topic Re: Collection vs. bankruptcy in General Credit Topics

Collection vs. bankruptcy

Anonymous — Wed, 27 Aug 2008 23:48:33 GMT

My future employer wants to do a credit check and I think they are just looking for bankruptcies, but I have an account in collection. Is that just as bad or will that be okay? Thanks everyone.

Re: Collection vs. bankruptcy

cw81 — Wed, 27 Aug 2008 23:58:36 GMT

@Anonymous wrote:
My future employer wants to do a credit check and I think they are just looking for bankruptcies, but I have an account in collection. Is that just as bad or will that be okay? Thanks everyone.

Welcome I think it will depend on the employer and maybe how large the collection amount is and also what your function will be. I have had spotty credit for the past 7 years and that has included collections both paid and unpaid and I have obtained employment with 2 consulting companies in the Big 5 and with one of biggest financial companies in the world and also with a smaller consulting company and they all checked my credit. I didn't have a ton of collections but I probably had maybe 3 or 4 each time some paid a couple unpaid. To answer your question I don't think one will kill the deal but that's from my experience and others I know who have been in the same same situation. Good luck and I hope it works out for you and let us know what the results are.

Re: Collection vs. bankruptcy

Anonymous — Thu, 28 Aug 2008 00:02:32 GMT

It would be in the financial industry so that is why I am asking and was concerned. Thanks for answering!

Re: Collection vs. bankruptcy

cw81 — Thu, 28 Aug 2008 00:06:36 GMT

Yes they can be picky I think it depends a lot what you will be doing for them I am sure you will be fine. I don't believe one collection will kill the deal. I hope it works out great

Re: Collection vs. bankruptcy

fused — Thu, 28 Aug 2008 00:19:40 GMT

I'm not sure what your employer will think, but from a purely FICO scoring standpoint, a BK and a collection are equally damaging to scores, one is not worse than the other. Balances with collections oand BKs do not factor in scoring.