There are pros for employers, they can hire based on whether a candidate has been punished by other employers before and keep punishing them based on an objective social credit system. And there are cons.
Except in the credit report they only list your lenders and how much money you owe, and your payment history, and it's technically possible to not get any credit and have no information, or at least no recent information, in your credit report. In The Work Number, they not only list your employers, but also all your paychecks, and it's hardly possible to opt out.
Out of my 3 big tech employers, only one reported just a fact of my employment with them to the credit report, but all three reported everything to The Work Number.