Can Credit Score Can Influence Security Clearance?

Military Security ClearancesPerhaps you have the chance you have always dreamed of within your military career. It could mean greater responsibility, a larger paycheck, and possibly an increase in rank. But first, you must pass the security clearance the new job demands.

However, as the armed forces required background check starts, your personal existence abruptly is no longer just yours. For active armed forces members, the security clearance operation begins with a thorough survey pertaining to your psychological well-being, any previous criminal activity or drug misuse, your sexual conduct, and your credit history.

While many do not think of their credit score to be a factor in this background check, the final one could be what hurts your chances the most. Your credit and debt are a principal component in whether you’re awarded security clearance. This is the most prevalent reason security clearance demands are refused. Last year, 69% of requests heard by the Defense Office of Hearing and Requests board were for disputes on the grounds of monetary meditations. Three years ago, the amount of pleas for monetary contemplations rejections was 54%.

It is crucial for active troops to stay on top of their credit score, not just to obtain security clearance in the future but also to maintain the security clearance they may already possess.

There are various factors that have an impact on your credit score. If you are looking into credit repair, some things to take into consideration that may adversely affect your credit may be:

  • Robbery/larceny
  • Embezzlement
  • Check fraud
  • A record of outstanding obligation
  • A past of late payments
  • Past purchases of property or acquiring cash beyond your means
  • Monetary issues pertaining to gambling
  • Finance problems connected with substance misuse.

But what about bankruptcy? Can this prevent you from gaining security clearance? It will undoubtedly show up on your background check, and it will most definitely be scrutinized. If your monetary issues were created by outside problems past your control, such as unforeseen hospital bills, the loss of a job, or an economic downturn that adversely affected a company dealing, then the arbitrator looking over your case may consider an insolvency proclamation to be a good-faith attempt to tackle the predicament.

However, if the examination decides that insolvency was needed for grounds of personal foolishness such as gambling, a costly substance abuse habit, or unreasonable and superfluous spending, then it will work against permission for a security clearance.

To keep your debt under control, there are various things you can do, such as credit repair. These can help you raise your credit score so you will have an easier time with security clearances.

  • Get credit counseling from a nonprofit agency that can help you negotiate lower interest rates and better payment terms. Recommended in SEAD 4 Guideline F to mitigate security concerns.
  • Recording all the attempts you have made to control the issue, as well as maintaining a list of names, dates, and various other details that are involved.
  • Developing a budget that’s a practical review of your resources and constantly decreases your liability.
  • Paying the minimum payment due to your lenders each month at minimal.
  • Promptly challenging any errors on your credit report.
  • Informing security officers or your immediate leader that you’re having monetary issues and are looking for help to take care of it.

If you need to fix your credit score and are near Clearwater, contact Super Credit Repair. They can help you by using various methods to reduce the debt you have, which can assist in raising your credit score.

Picture Credit: iStock