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why do businesses check credit for new employees?

I got offered a job at Edward Jones upon passing a background check. Everything they will be checking is in tip-top shape other than my credit. I have a 'fair' score of 517. Does anyone know how this will influence and/or affect my hiring?

Public Comments

1. They do it because they equate good credit with being a responsible employee (using the line of thought that if you manage your personal finances well, you will be a trustworthy, responsible employee). Almost all business do this. I don't necessarily agree with it either. I know people with good credit scores I wouldn't trust out of my eyesight and people with poor credit scores who are the hardest working, most honest people you'd ever meet. Some people are victims of circumstance, but unfortunately, most businesses don't care or don't bother to ask. 517 isn't a fair credit score if it's a true FICO score, it's poor (anything under 580 is considered poor). Whether or not the company will overlook it is up to them. ---------------- Timothy, even Wal-mart runs credit checks on applicants. It's status quo for most employers these days, not just those in the financial/government sectors.
2. 517 is a bad credit score. In positions where you will have access to money(banks, accounting firms...) the idea is that if you can't borrow the money then you might just take it. Another point is that if you don't manage your own finances you will not be able to manage the finances of others. In jobs where you have access to valuable information(government jobs, defense, security...) it gives them some assurance that you will not be tempted to sell the information.