New Security Clearance Guidelines

August 21, 2018|Posted in: Finances

The federal government recently implemented new security clearance guidelines that make it more important than ever for servicemembers to stay on top of their bills and monitor their credit histories.

The Department of Defense (DoD) will now “continuously” monitor the financial status of servicemembers with security clearances. This means that a past-due bill or an error on your credit report could jeopardize your clearance status.

Military personnel are subject to a full background investigation. Many servicemembers, including all officers, are required to have national security clearance checks that include detailed reviews of their credit history and ability to meet their financial obligations. Prior to this change in policy, the federal government performed an initial credit check when servicemembers applied for their security clearances and performed follow-up checks every five to 10 years, depending on clearance level.

For more information about how to be proactive in approaching these new guidelines, visit https://www.consumerfinance.gov/about-us/blog/warno-new-security-clearance-guidelines-make-it-more-important-ever-servicemembers-monitor-their-credit/.