Debt collections and FINRA reporting
Had surgery earlier this year and the bills just kept coming in and in. I was trying to organize them all and just the way life goes I may have taken longer than I should. I have now received a letter that one of my medical debts has been sold to a collector. I am planning on calling and paying this debt/and or attempt to settle it at a reduced price. How will this affect my future employment in the context of employer background checks? Do I have to report this to FINRA? Is my career jeopardized? This is the first time I’ve had anything in collections. I’ve never paid a cent in interest or made a late payment and my score is nearly 800
Bump
- Get your own credit report and see what is listed on there. Often, there is a delay in reporting these kind of things.
If you are currently interviewing for a role and the form for the background check comes in, you can mention it and explain what happened. You do not have to disclose any personal/medical details.
The FINRA self reporting requirements are here:
https://www.finra.org/rules-guidance/rulebooks/finra-rules/4530
No not currently interviewing but worried about the future. Thank you
The biggest issues are: criminal, fraud, theft, honesty, and compliance related incidences.
Unpaid debt is an issue for most institutions from a character/fitness point of view as it may make you more vulnerable for bribery, theft of data, and reputational risk for their brand. It's hard to hire a candidate who might be intelligent, but has no control over their personal finances. How would that person manage deals and investments?
i.e. when you see a mechanic who has a broken down personal car, would you give him yours to fix?
I thought the credit bureaus recently made some adjustments so they don't include medical debt in your credit scores. Kinda unfair to punish people financially for getting sick/ injured, but double check on this.
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