Short answer: It can. The Fair and Accurate Credit Transactions Act of 2003 nullified most, but not all, state laws governing the limitations of criminal convictions in consumer reports. Furthermore, according to the NAACP, 60% of employers are probably or definitely not willing to work with a person with a criminal record. [http://www.naacpldf.org/content/pdf/reentry/Testimony_by_Melanca_Clark_on_Criminal_Record_Expungement.pdf]
Yes anything is possible It depends upon the job you are applying for. You will be eliminated from certain positions but certainly not most. The jobs you will most likely have trouble with are jobs involving public trust such as law enforcement. Other things to consider are the type of misdemeanor you were convicted of. If the conviction was a domestic violence charge or firearms related charge, you may have more problems finding employment.
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