It happens all the time but it appears that the state of Oregon is going to make the practice illegal. SB 1045 is titled “Limits use of credit history for employment purposes to certain circumstances,” and will restrict the ability of an employer to use a credit check as part of the hiring process. There are many people that believe credit histories, instead of providing an employer with valuable tools, are loaded with pitfalls on both sides of the hiring desks and apparently the state of Oregon is one of them.

The crazy thing is they are doing the exact opposite for those that are attempting to become licensed as a mortgage professional in the state. All indications are that if you have a score below 620 that they will deny you a license or license renewal no matter what your employment history is or whether or not you can pass the required tests.

One particular mortgage broker is shutting down his shop after 27 years int he business because he fell on hard times the past couple of years. A combination of illness and a turndown in the real estate market caused late payments on his home mortgage and credit cards and his score fell below the required 620.

He still knows how to properly serve a client, he can pass the state and national tests with no problem, he still gets calls from previous clients with referrals but the state, doing the two face shuffle, will not allow him to operate as a mortgage broker due to what many consider a flawed credit system.

Go figure.

This entry was posted on Wednesday, February 10th, 2010 at 7:58 am and is filed under Employment News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.