A foreclosure can not only hinder gaining new housing, whether rented or bought, but can also make finding a finance related job more difficult.
Traditionally employers run a background check for all positions. When applying for a financial position, what an employer views following a foreclosure can have a direct effect on your ability to land that job.
What is in an employer's background check?
There are a variety of general topics covered when an employer does a background check. Things like driving record, vehicle registration and criminal records are all part of the check. But here are the important financial facts that show up when an employer does a background check, which any employer in the financial sector will be very interested in:
- Credit records(includes foreclosure)
- Property ownership
- Court records
- Past employers
Have an explanation ready
It's important to be prepared to explain to the prospective employer what went wrong that led to foreclosure. A business in the financial sector will be highly concerned about hiring someone they deem incapable of managing their own money.
As a result, a full explanation of your situation coupled with detailed work history will be necessary when applying for positions ranging from cashier to executive. Employers will want to know how your management of personal assets has changed since the foreclosure.
The same factors of better time and financial management that apply to securing a home following foreclosure is applicable to the employment process. Employers will want to see debt go down and credit scores go up.
Remember, employers must notify you that a credit check will be done.