Financial problems? Here Is Some Preventive Medicine For Your Clearance.

The Consumer Financial Protection Bureau (CFPB) issued a blog that the finances of persons with security clearances will be monitored continuously instead of waiting for the periodic investigation to discovery financial issues. This week, different web sites and media have echoed the CFPB report, but also I have read that the policy is being circulated, not final. I also have not yet found confirmation that the monitoring has stated.

Regardless of when the new measures are implemented, it is important that any service member or other federal employee with a security clearance monitor and mitigate financial problems.  Also, if you have financial problems, and a clearance, do not jump into bankruptcy. Bankruptcy can be held against you in a clearance case.

Instead of jumping to bankruptcy, first follow CPFB suggestions of how to address financial issues. https://www.consumerfinance.gov/about-us/blog/warno-new-security-clearance-guidelines-make-it-more-important-ever-servicemembers-monitor-their-credit/; Also see https://www.consumerfinance.gov/practitioner-resources/servicemembers/  Second, spend a few hours with an attorney experienced in adjudications of security clearances to develop a plan concerning your clearance.

And if you have both financial problems and a security clearance act now.  Do not wait for the new guidelines or a statement of reasons (SOR) for the revocation of your clearance. By that time, it may be too late and early proactive measures may mitigate whether an SOR issues in the first place, or whether the clearance will be revoked.

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