Credit checks are fairly common, especially if you're going to be in a job that involves managing a budget or a having a corporate credit card. However, the information an employer receives from a credit check is fairly limited: a credit score, a listing of "credit inquiries", and some information about who has granted you credit in the past and your repayment history (i.e. on-time, frequently late, written-off, etc.). They won't be able to get access to your income or other personal information.
In my experience, the purpose isn't to dig up skeletons or find out embarssing information, but rather just to protect the employer in case you've misrepresented yourself so far. They are trying to make sure that you aren't a criminal, drunkard, drug abuser, or deadbeat... and if not, you'll be fine.
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