Can You Get Bonded for a Job as a Cashier With Poor Credit?

People with poor credit are perceived as being more likely to mismanage money or even steal, which keeps many of them from getting jobs where they handle money. However, avenues are open to this group that allows them to become bonded, thus increasing their chances of being hired.

Determining Poor Credit

You might assume you have poor credit because you've been late on payments here and there. However, it might not be as bad as they think. Find out what your credit score is. Any score less than 650 is considered to be poor, and then you may need to go ahead and seek bonding.

What Being Bonded Means

While you might have determined that your credit is not up to par, you do not have to count yourself out of the running for the sales job you've been eying. This is where bonding comes into play, and you might be surprised to learn that you are likely to be eligible to be bonded. The employer posts a bond, which amounts to an insurance policy, to protect himself if an employee steals from him or breaks the law in any other way. The bond pays the employer for any losses incurred.

Poor Credit

Private insurance companies provide most bonds. One of the first things the company will do before deciding to bond a potential employee is check their credit report. People who are found to have poor credit are generally not bondable by most private insurance companies.

The Federal Bonding Program

However, hope exists. Recognizing that the large and growing number of people who were unable to get jobs, especially where they were handling money, a program was developed to help. Thanks to the Federal Bonding Program, people with poor credit are able to be bonded and get jobs, such as cashiering.

The bonds issued through the program guarantee to the employer the honesty of people with poor credit, who are considered at-risk job seekers. The prospective employer does not have to pay for the bonds as they would with a private insurance company. Remember, regardless of whether are bonded, the company does not have to hire you if you have poor credit.

Surety Bonds

If you are having trouble getting a bond, look into surety bonds. These bonds work like others in that they provide the employer protection against loss or theft of money or property by employees. They are also costly. Application fees can start at $100. The riskier you are to insure, the higher your premium will be, so it is best to shop around before purchasing a surety bond. You could also be charged fees stemming from a host of charges the bond provider wants to recoup, including fees for sending faxes.