Lender's credit

[babbles]

Have been curious about this, do you think it is a  requirement that people who do the lending have good credit or just experience in the financial field?

[Anonymous]

No, it is not a requirement.  Depending on the department, prior financial background is strongly preferred.

[babbles]

I am curious also because emploers now days scan your credit file so seems if you don't have good credit, how can you decline someone else?   

[Anonymous]

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@babbles wrote:

I am curious also because emploers now days scan your credit file so seems if you don't have good credit, how can you decline someone else?   

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Because getting employed and approving someone for credit are two different things.  I am going to make an odd comparison here and hope you can understand and think hard.

Think about this, we humans have resume virtues and eulogy virtues. But when someone dies, the resume virtues are never ever recited except the eulogy virtues.  They go on about how that person was kind, good or whatever but never the school they attended, where they worked, how much their salary was etc. These two virtues are very important as they define who we are.

The reason being there are guidelines that has to be followed and have been entrenched in history and deviation from the norm is rare when it comes to what can be said when someone kicks the bucket.  Employers / lenders have guidelines also. The resume virtues and credit virtues here make up the employee for that particular job a lender is hiring for.

But the most important virtue here for the employee to be able to do his/her job successfully is the resume virtue. So whether they have good or bad credit is not important  to the lender.

[Anonymous]

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@Anonymous wrote:

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@babbles wrote:

I am curious also because employers now days scan your credit file so seems if you don't have good credit, how can you decline someone else?   

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Because getting employed and approving someone for credit are two different things.  I am going to make an odd comparison here and hope you can understand and think hard.

Think about this, we humans have resume virtues and eulogy virtues. But when someone dies, the resume virtues are never ever recited except the eulogy virtues.  They go on about how that person was kind, good or whatever but never the school they attended, where they worked, how much their salary was etc. These two virtues are very important as they define who we are.

The reason being there are guidelines that has to be followed and have been entrenched in history and deviation from the norm is rare when it comes to what can be said when someone kicks the bucket.  Employers / lenders have guidelines also. The resume virtues and credit virtues here make up the employee for that particular job a lender is hiring for.

The most important virtue here for the employee to be able to do his/her job successfully is the resume virtue. So whether they have good or bad credit is not important  to the lender.

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+1 YIM

[RonM21]

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@Anonymous wrote:

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@babbles wrote:

I am curious also because emploers now days scan your credit file so seems if you don't have good credit, how can you decline someone else?   

---

Because getting employed and approving someone for credit are two different things.  I am going to make an odd comparison here and hope you can understand and think hard.

Think about this, we humans have resume virtues and eulogy virtues. But when someone dies, the resume virtues are never ever recited except the eulogy virtues.  They go on about how that person was kind, good or whatever but never the school they attended, where they worked, how much their salary was etc. These two virtues are very important as they define who we are.

The reason being there are guidelines that has to be followed and have been entrenched in history and deviation from the norm is rare when it comes to what can be said when someone kicks the bucket.  Employers / lenders have guidelines also. The resume virtues and credit virtues here make up the employee for that particular job a lender is hiring for.

But the most important virtue here for the employee to be able to do his/her job successfully is the resume virtue. So whether they have good or bad credit is not important  to the lender.

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Interesting way to put it, and it makes sense!

[RobertEG]

Creditors are subject, in almost all arenas, to comprehensive federal and state regulations, monitoring and enforcement.

That includes their lending decisions.  The Equal Credit Opportunity Act is the prima example.

On the enforcement side, the CFPB was created exclusively to enhance consumer protection in the financial arena.

The Federal Reserve and FDIC regulate the "good credit" of most lendors.

Many would assert, contrary to the premise of the post, that lendors are over-regulated.

[LuckyBird]

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@Anonymous wrote:

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@babbles wrote:

I am curious also because emploers now days scan your credit file so seems if you don't have good credit, how can you decline someone else?   

---

Because getting employed and approving someone for credit are two different things.  I am going to make an odd comparison here and hope you can understand and think hard.

Think about this, we humans have resume virtues and eulogy virtues. But when someone dies, the resume virtues are never ever recited except the eulogy virtues.  They go on about how that person was kind, good or whatever but never the school they attended, where they worked, how much their salary was etc. These two virtues are very important as they define who we are.

The reason being there are guidelines that has to be followed and have been entrenched in history and deviation from the norm is rare when it comes to what can be said when someone kicks the bucket.  Employers / lenders have guidelines also. The resume virtues and credit virtues here make up the employee for that particular job a lender is hiring for.

But the most important virtue here for the employee to be able to do his/her job successfully is the resume virtue. So whether they have good or bad credit is not important  to the lender.

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I worked for a finance company years ago, where I did credit analysis, made lending decisions, and accepted payments.  I actually did have to have good credit to get the job.  The employer ran a credit check and full backgound check on me...because in a position like that there's the possibility of collusion with someone you know to obtain funds fraudulently.  And, I had access to lots of cash and the checkbook.  They want to make sure that any employee in charge of handling money and making credit decisions is someone who manages their personal finances well and isn't under any undue financial strain.

Could be different for credit card companies, but I would imagine banks would definitely have some requirements in that area and I know from personal experience that finance companies do.

[Anonymous]

I met a CPA who, for whatever reason, filed for chapter 13. Apparently the BK caused quite a bit of scrutiny with large employers until it fell off. It was a brief conversation, but the take away for me was that it's hard to get a job managing someone else's money after filing for personal bankruptcy. 

[sarge12]

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@LuckyBird wrote:

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@Anonymous wrote:

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@babbles wrote:

I am curious also because emploers now days scan your credit file so seems if you don't have good credit, how can you decline someone else?   

---

Because getting employed and approving someone for credit are two different things.  I am going to make an odd comparison here and hope you can understand and think hard.

Think about this, we humans have resume virtues and eulogy virtues. But when someone dies, the resume virtues are never ever recited except the eulogy virtues.  They go on about how that person was kind, good or whatever but never the school they attended, where they worked, how much their salary was etc. These two virtues are very important as they define who we are.

The reason being there are guidelines that has to be followed and have been entrenched in history and deviation from the norm is rare when it comes to what can be said when someone kicks the bucket.  Employers / lenders have guidelines also. The resume virtues and credit virtues here make up the employee for that particular job a lender is hiring for.

But the most important virtue here for the employee to be able to do his/her job successfully is the resume virtue. So whether they have good or bad credit is not important  to the lender.

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I worked for a finance company years ago, where I did credit analysis, made lending decisions, and accepted payments.  I actually did have to have good credit to get the job.  The employer ran a credit check and full backgound check on me...because in a position like that there's the possibility of collusion with someone you know to obtain funds fraudulently.  And, I had access to lots of cash and the checkbook.  They want to make sure that any employee in charge of handling money and making credit decisions is someone who manages their personal finances well and isn't under any undue financial strain.

Could be different for credit card companies, but I would imagine banks would definitely have some requirements in that area and I know from personal experience that finance companies do.

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Having experience a long time ago with finance companies who usually charge ridiculously high interest to people too poor to get regular loans, I understand. The finance company wanted to make sure that the ownership were the only crooks involved in the company.