Employers call for credit scores of potential employees
More and more companies are seeking credit scores of potential candidates for job interviews, according to the Credit Information Bureau, officials said.
“Using credit scores as a reference point in the hiring process can be informative to assess a candidate’s financial discipline, mainly for roles that involve managing sensitive financial information or fiduciary responsibilities. Today, many companies use credit scores for high-level appointments,” Pushpike Jayasundara, CEO, Credit Information Bureau of Sri Lanka (CRIB) told The Sunday Times Business in an interview recently. The introduction of the CRIB Score, a 70 per cent market adoption credit score, was made possible by advanced technological platforms. This score provides robust risk evaluation and serves as reputational collateral in the absence of physical security. By incorporating alternative data, CRIB aligns with regional counterparts in countries like Taiwan, Indonesia, Pakistan, India, and the Philippines.
Mr. Jayasundera said that internationally, a credit score is recognised as a crucial tool that measures one’s integrity and financial discipline. “The credit score is the only tool that Sri Lanka has to measure the integrity of a person,” he said.
Some bankers acknowledged this, noting that when hiring key management personnel and for certain director positions, the appointments are made after calling for the credit score of that particular individual.
From the daily credit score requests, at least 20 per cent are for job interviews and new appointments, Mr. Jayasundera said, noting that 10 to 12 per cent are for visa purposes. Obtaining credit scores for such purposes has been ongoing for the past two years, and it is gaining momentum, he added.
Explaining further, he said, “The credit report also includes the CRIB Score. It is a health report and it is not static, and it is a dynamic one. It shows a person’s financial discipline, and in time will assist in creating a disciplined population in the country.”
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!