{"id":51935,"date":"2015-06-16T11:51:45","date_gmt":"2015-06-16T03:51:45","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=51935"},"modified":"2015-06-16T11:51:45","modified_gmt":"2015-06-16T03:51:45","slug":"credit-check-history-impact-on-foreign-job-and-loan-applications","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/06\/16\/credit-check-history-impact-on-foreign-job-and-loan-applications\/","title":{"rendered":"Credit check history impact on foreign job and loan applications"},"content":{"rendered":"
\"(Shutterstock<\/a>
(Shutterstock image)<\/figcaption><\/figure>\n

Credit check behavior in the Philippines may soon be a concern of Filipinos overseas.<\/p>\n

Nowadays, foreign employers ask for credit reports from job applicants as part of their background check.<\/p>\n

According to a Society for Human Resource Management survey conducted in 2012, \u2018companies use credit checks to prevent theft embezzlement and reduce legal liability for negligent hiring.\u2019<\/p>\n

Aside from job applicants, foreign and local loan applicants are also asked to submit credit reports as part of the other requirements.<\/p>\n

According to a Migration Policy Institute study in 2014, \u2018poor access to credit is one of the main reasons migrants find it hard to start businesses.\u2019<\/p>\n

Those with a bad credit check history are then worried even after successfully restructuring their credit card debts. They fear that their past credit behavior may take away their chances for a foreign job or prohibit them access to a new loan.<\/p>\n

Unfortunately, those who could not get better occupations because of their credit history settle for lower paying jobs instead.<\/p>\n

Moreover, credit check histories are well documented.<\/p>\n

Danjie Reyes, a returned OFW (Overseas Filipino Worker), feared that his career growth and business loans would be held back by his former credit check behavior.<\/p>\n

Reyes used to have a high-paying managerial job but got complacent and wasted all his earnings and maximized all his credit card limits. He ended up having a 300,000-peso credit card debt.<\/p>\n

\u201cI was a young manager at that time. I was earning more than everyone else. I really thought that I had much to spend and that included my credit limits. I had three cards that time. All those three cards were maxed out, totally maxed out,\u201d he said in an interview.<\/p>\n

\u201cFor 11 months, I really had to change the way I spend, the way I live. In fact, I had to take on three jobs. I had a day job. Every night, I worked for another five more hours to earn additional 15,000 pesos a month. And on weekends, I also took consultancy work which paid me 2,000 pesos per day,\u201d he added.<\/p>\n

After being successfully able to pay off his debt, Reyes had been more diligent with his money ever since. He worked in Hong Kong for a year, saved a few thousands, and started a business back in the Philippines. He also learned the importance of saving and bought stocks and mutual funds.<\/p>\n

But now that he needed a loan to beef up his business, Reyes had not been hearing any word from the bank.<\/p>\n

\u201cNot hearing a word from the bank is really frustrating\u2026 It\u2019s very difficult. Yes, I admit that at some point I was lost. It seems to be unfair that that scar from your past experiences will hunt you forever. I don\u2019t think that\u2019s fair,\u201d he said.<\/p>\n

Reyes hoped that individuals like him would be given chances to explain past credit behavior and be allowed to appeal for new loans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Credit check behavior in the Philippines may soon be a concern of Filipinos overseas. Nowadays, foreign employers ask for credit …<\/p>\n","protected":false},"author":33,"featured_media":51936,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-51935","post","type-post","status-publish","format-standard","has-post-thumbnail","category-lifestyle","mauthors-cyra-moraleda","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/51935","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=51935"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/51935\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/51936"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=51935"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=51935"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=51935"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}