Foreclosure Not A Barrier To Landing Job On Wall Street?

Posted by Patrick Barnard on June 24, 2013 No Comments
Categories : Residential Mortgage

Can someone who has gone through foreclosure still get a job on Wall Street?

Would you be surprised if the answer is ‘yes?’

According to a report in Bloomberg-Businessweek's ‘Getting In’ column, going through foreclosure does not necessarily preclude someone from getting a job on Wall Street.

Victoria Stroz, assistant director of UChicago Careers in Business, a career development program for the University of Chicago's undergraduates, told column author Geoff Gloeckler that "while investment banks and financial services firms run background checks on a new hire's previous employment and will confirm Social Security numbers via credit checks, the resulting credit score will not have been reviewed by the recruiter nor will it factor into any employment decision.’

‘Typically, third-party vendors are responsible for confirming Social Security numbers, which are verified through credit checks,’ said Stroz, a former campus recruiter at JPMorgan. ‘Once the Social Security number is verified, the recruiter is only made aware that the number is valid. If the new hire does not have a credit score, then the Social Security number will be verified with a physical Social Security card.

‘Otherwise, the only information analyzed during the background check is the new hire's previous employment,’ she said.

A commenter, however, disagreed with Stroz, stating, ‘many financial institutions now require a full credit check. The existence of a foreclosure or other derogatory information on your credit report may prohibit an entity from hiring you if the derogatory information raises questions about your ability to meet the requirements of the job.’

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