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Students Learn Importance of Good Credit and How it Affects Employment



Mar 03, 2015

Did you know that a potential employer can pull up your credit report and use that to help decide whether to hire you or not? Did you know that having no credit established could be a negative mark on your report? Students at ANU’s Lynchburg Campus learned this and more when Wells Fargo representatives presented a series of credit workshops on campus.  

 

Chris Anderson, personal banker with Wells Fargo, suggested to students that they begin by pulling up their own free credit report, which federal law states that everyone is entitled to every 12 months. “You might be surprised to see on your report a $20 medical bill you forgot to pay that went into collections,” explained Mr. Anderson. “You can pay it off and instantly improve your credit score.” 

 

Mr. Anderson explained to the students that it’s important to be vigilant regarding their credit reports because when applying for jobs, potential employers sometimes have applicants sign a release giving them permission to pull their reports. Certain jobs require a good report, and some employers consider applicants with bad credit to be a security risk, especially for jobs requiring security clearance. Therefore, Mr. Anderson advised, it’s important not to wait until graduating or when looking for a job, but to establish good credit now and, if necessary, begin taking any necessary steps to repair it. 

 

Finally and most importantly, Mr. Anderson explained that credit can be fixed and offered suggestions for how students can begin to restore their credit, such as keeping in touch with medical and credit card companies, working out payment plans, and meeting with a personal banker to take the necessary steps to build or rebuild credit. “Use your negative credit experience as a growing point to rebuild your credit,” said Mr. Anderson. “Each negative credit repair you make improves your credit score instantly.”

 

Business administration-management student Cody Mabry found the information presented in the workshop series helpful, especially “not to get discouraged when dealing with credit – take it one bite at a time to fix it, and learn to save more than you spend.” 

 

“Just because you get in debt doesn’t mean that you can’t get out of it,” agreed fellow business administration-management student Shannon Bowling. “Bad credit isn’t ‘bad credit,’ it is an opportunity.” 

 

Wells Fargo personal banker Chris Anderson shares tips on building and rebuilding credit at a recent Lynchburg Campus workshop.

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