Pulling Credit

[mdennis]

What is the name of your state?ALabama

I work for a finiacial institution in Alabama and I recently became aware that they were going to start pulling credit when determining the eligibility for a raise. If it is bad then you do not get a raise if it is good then you are eligible. I realize that companies do not have to give raises, however I did not think it was legal for them to pull my credit without my consent.

So is it legal for them to pull my credit without my consent?

 

[cbg]

As long as they pull it themselves, yes. If they use a third party to pull it, no.

 

[Beth3]

I work for a finiacial institution in Alabama and I recently became aware that they were going to start pulling credit when determining the eligibility for a raise. If it is bad then you do not get a raise if it is good then you are eligible. So are you assuming that poor credit = no raise or is that the word on the rumor mill? Until you you've heard from a credible source in management that poor credit will result in no pay adjustment, don't leap to any conclusions.

Given that you work in a financial institution, I can understand why they'd check certain employees' credit rating periodically and doing so at the time of their annual review strikes me as just a timing issue to remind them to do that and to make sure they don't miss anybody. What impact having a poor credit rating will have on any pay adjustment is unknown. My guess is that it will have none and someone with a really bad credit rating is more likely to be shown the door or transferred into a position where they will not have the same access to certain assets and/or records.

 

[mdennis]

By third party, do you mean a company like equifax?

 

[cbg]

I mean anyone who is not the bank themselves.