Agreed. AFTER the hire, it is needed. Prior to, I don't believe it is.
To answer Owen, no, I am not sure bout that. I simply don't find a reason to request it until an applicant becomes an employee.
As for bad credit indicating sloppy people, I also disagree. Many people with poor credit history are responsible, just poor money management. I know several people with this type of history and I can assure you, they aren't sloppy. IMO, it's similar to the insurance agencies asking the SSN to determine rates....bullshit!