Credit check for employment
Credit checks for employment are a way for employers to screen job applicants and get an idea of their financial situation.
Over 1.000 organisations have chosen for PESCHECK
CREDIT CHECKING MADE EASY
Why conduct an employer credit check?
Credit checks for employment are necessary for many organisations because they want to make sure that their employees are responsible and will not pose a financial risk to the company. There are a few reasons why organisations might want to conduct an employer credit check on an applicant.
For which type of organisations is an employer credit check relevant?
A credit check for a job is required for executive-level positions as well as in businesses and industries where personnel must handle significant volumes of financial transactions, such as banking and accountancy and fintech. This is because financial fraud is considerably more likely to occur in these places. For organisations that are considering conducting work credit checks on job applicants, it is important to weigh the potential benefits against the potential costs.
On the one hand, credit check employees can provide valuable information about an applicant’s financial history and responsibility. On the other hand, it can be costly and time-consuming to conduct, and it may disproportionately impact applicants with low credit scores.
FAST TURNAROUND TIMES
Benefits of outsourcing credit checks
Overall, outsourcing employment employer credit checks can save your organisation time and money, while also helping to ensure that you are making the best possible hiring decisions. With PESCHECK, you can conduct employer credit checks quickly and easily, without having to carry them out by yourself. We give you three more reasons to choose for PESCHECK.
How do we conduct an employer credit check?
Our process for conducting credit checks for employment is fairly simple. We will contact a credit reporting agency and provide them with the personal information of the candidate, including the consent. The credit reporting agency will then pull the report and provide it to your organisation.
The employer credit check process for employment purposes generally includes a review of insolvencies, debt collections, bailiffs, bankruptcy and public records. This history may include information on the same items for several years.
How long does it take to get the results of the credit check?
Instant up to 2 workdays
What do employment credit checks look for?
A credit check will include a review of an applicant’s debt collections, insolvencies, bankruptcies, bailiffs, and any public records that may be relevant to the job. The goal is to get a clear picture of an applicant’s financial situation and to identify any red flags that could indicate a risk to the company. In some cases, a credit check may also be used to verify an applicant’s identity.
Why are credit checks important?
Pre-employment credit checks are an effective tool for reducing the risk of fraud by revealing poor financial situations. Additionally, a candidate’s behaviour at work may be impacted by their financial circumstances and could be a sign that they would be a responsible employee.
What are pre-employment credit check defaults?
A credit check may reveal credit defaults, which are public information that stay on an individual’s credit report.
What details must a candidate supply in order to do a credit check?
Requesting a check is easy. Candidates only must give their permission for employers to run a credit check, along with their full name, title, birth date, and current address.
Types of background checks
Performing background checks can slow down the placement time of candidates, which can cause irritation among candidates and customers. With PESCHECK you reduce the placement time of candidates with automated background checks while you satisfy candidates with an enjoyable user experience. We help you determine which types of background checks to run for certain functions and offer checks tailored to your organisation’s specific needs.
Connect your ATS, HR or CRM with PESCHECK and automate checks fully digital.