Job competition rises, credit reports could play factor

After factoring in underemployed workers – those who have a part-time position but are looking for a full-time job – the number of applicants per employment opportunity in the U.S. increased to 8.5, a recent study found.

The study, by BNY ConvergEx Group, indicated this is the third consecutive monthly increase. Consumers who want to separate themselves from other job seekers may want to make sure their credit report is in the best possible shape.

In recent months, employers have been using credit reports to help sort out potential employees. Job applicants who need to fix credit problems may get turned down more often as a result of their financial standing. The outlook on employment opportunities is hazy, which means individuals may benefit from rectifying possible credit report errors sooner rather than later.

"Until we see consistent improvement in hirings and available positions, we can’t say the jobs picture is getting brighter," Beth Reed, part of Nicholas Colas’ strategy team at BNY ConvergEx, told CNBC.

However, consumers can turn to a credit repair organization to help them with their credit disputes. Many reports contain inaccurate information, and these companies can help consumers investigate a questionable item to potentially repair bad credit.