Quoted: If I'm hiring someone with cash management responsibilities, I'm running a credit check before hiring. People who have heavy debts and easy access to someone else's cash are a bad combination.
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You're jumping to a conclusion there. Same erroneous assertion as saying that being a gunowner makes it more likley you'll use that gun in a crime.
If I'm hiring a production employee who doesn't collect cash, doesn't sign checks or has any say in the financial aspect of the business, I really don't see the point. If I'm going to hire a guy to wash windows, I don't really care what his credit is like.
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I have been a CFO before, signing checks of several million dollars and never had a report run on me. I would never ask it of an employee, any more than I would ask them to bring in a pair of their wife's underwear or a video of him fucking his wife.
It's a privacy issue, IMHO.
Besides, I'm not issuing credit to my General Ledger administrator - I'm hiring him to maintain the GL. I might as well ask for a driving record to evaluate "personal responsibility".