Credit checks can be essential to the hiring process but carrying them out quickly can be problematic for some businesses. However, this doesn’t mean there aren’t options for those using credit checks to vet new employees.

What Details Does a Business Need When Carrying Out a Credit Check

Once a business has obtained permission from the job applicant, it will also need to get the following.

• Name
• Date of Birth
• National Insurance Number
• Current and Previous Addresses

If any information is missing, it could take longer for a credit check to be carried out, or the credit report may show incorrect details. Employers hiring several employees at once can find instances when similar details arise, so accuracy is critical.

What Is an Adverse Credit Check?

What constitutes an adverse check can be subjective but will often consist of late payments, CCJS, or defaults. Poor credit history does not mean a person is not suitable for a role, but some discussions could be needed before a person is offered a position.

However, some roles can refuse a job offer, including the police, Armed Forces, and financial planners, if poor credit history is shown.

Ensuring Credit Checks are Carried Out Quickly

In most instances, a company can carry out credit checks quickly. However, delays could affect the hiring process if a company has several credit checks to perform. This can lead to many being offered a job role, only for it to be withdrawn due to poor credit history.

Businesses must carry out credit checks quickly to establish whether a candidate is suitable for a role. In the first instance, companies must check that all the details they have gathered are correct. They should also check that any previous addresses have been listed if they have recently moved.

What If an Applicant Contests a Diverse Credit Score?

In most instances, there should be no doubt that credit checks show accurate information. However, if those applying for a role are advising the information is incorrect, they will need to contact the relevant agencies to rectify the issue.

Companies can only act on the information available, but if a mistake has been made, the business can offer to review the application once corrections have been made.

Why Document Verification is Important Regarding Credit Checks

A credit check is an essential tool for background screening, but there can be instances when false documentation is used, which can cause a series of problems for a business. Fortunately, there are easy ways to avoid such cases, including online document verification.

Online document verification employs biometrics that carries out millions of checks within seconds and alerts businesses to any imperfections with the document. Despite the thorough checks carried out with online document verification, companies can obtain same-day results, which can all be viewed using secure online storage.

If your business is keen on making the most of credit checks, why not consider outsourcing your screening to a professional third party? Not only is it cost-effective, but it can yield faster results than a company that carries out its own background screening.