Have you been facing rejection by the recruitment companies again and again despite having a good academic record and experience? Maybe you should check your CIBIL score. Yes, you read it right! The significance of CIBIL score has penetrated the hiring industry as well recently. What used to be a benchmark for financial institutions to gauge an individual’s creditworthiness, has now become a standard for assessing reliance. Many companies belonging to the banking, financial services and insurance (BFSI) sectors have started checking the credit score of the applications during the selection procedure.
Taking CIBIL rating as a benchmark for integrity and dependability may come as a surprise for Indian citizens, but many western countries have been following the same for quite some time now. In fact, many western companies give a lot of importance to candidate’s credit score and credit report when considering their application.
Here are a few major reasons why a CIBIL score check helps the recruiters to understand the abilities of a candidate better:
A responsible credit user who always pays their payments on time, and never allows a high debt accumulation, is highly likely to be a responsible person in general too. In fact, without being responsible and careful you can’t have a decent credit score. So, when the recruiters get CIBIL rating online for a certain job application they can get an idea of how much responsible and trustworthy the person is.
- The Stress Factor
Most people who have a poor credit score are also likely to be more stressed out than those who have maintained a good score. The reason is simple- if a person is having a bad score, they are likely to be falling behind with their payments. There is also a possibility for defaulting, which puts them in a risky position. The hiring company is natural to think the candidate might not perform well at their job when they have such a high level of stress due to debt accumulation. Also, there is no telling when the person enters a financial crisis that takes away their focus from the work altogether.
What to do If you Have a Poor Credit Score?
It is incredible how easy it is to get a free credit report India. You just need to fill out an online form, provide some basic details, and then pass the CIBIL consumer login phase to receive a copy of your report in your email inbox.
If you find out that your score is poor, then it is important that you improve it as soon as possible. Since it is a time consuming process, it is best to get started immediately.
For starters, you can start becoming regular with your EMIs and credit card payments, and lowering your credit usage. You can also get your report corrected for mistakes, which will improve your score as well.
Many times innocent people who have been responsible with their credit usage also get a bad score. A major reasons for this is identity theft. The culprit uses their credit irrationally and blatantly, which causes a major drop in their score. If this is the case with you then you can inform the hiring company of the same. They are likely to understand your situation and take the next step accordingly. In most cases the companies verify your statement by going through the report themselves, and get more information from CIBIL, if required. If everything looks alright they will ignore your credit score and proceed further.
What to do if You Want to Improve Score Fast?
If you don’t have a good reason why your score is bad then improving it is your best option. But what you could do when you don’t have much time at hand, and the job you are interested is only available for a limited time?
If you want to facilitate the process of score improvement, then it is best to hire a professional. A credit consultancy company such as Credit Sudhaar can provide some of the best credit experts who will go through your report and then devise the best strategy that can improve your score in the soonest possible time. In fact, depending on your situation you can see significant improvements in just a few weeks.