How interviews are conducted has ensured businesses and organisations can interview people in any location, regardless of how remote they are. However, there is more to assessing whether a candidate is a good fit for a role, and a pre-employment credit check is essential for making an informed decision.
There may be several checks that need to be carried out in addition to a credit check, depending on the nature of the roles. However, a credit report is essential for a job interview for the following reasons.
Assess the Identity of the Candidate
Although surprising, employment fraud can cost businesses a lot of money. As such, ensuring a person is who they say they are is of the utmost importance. A background check can consist of several processes, but a credit check ensures employers can carry out a thorough background check.
Even though a credit check is carried out online, the complexity of the methods used for document verification means even the most sophisticated of fraudulent documents are detected.
Check Whether a Person is a Good Fit for a Role
Being responsible with money is not always a prerequisite for a job. Still, it can help businesses decide whether a person is a good fit, especially if the role involves management or finance. Of course, poor credit history doesn’t necessarily mean a candidate is nefarious, but it does allow companies to make an informed decision when filling a position.
What Is Needed to Carry Out a Credit Check?
Companies and organisations can only carry out a credit check after permission has been given, so this needs to be sought in the first instance. To carry out a credit check, a full name and address will be required, as well as any addresses used in the past.
In some instances, document verification for a credit check will be needed. This can occur if recent details have changed, or a company has difficulty locating the person’s details.
Fraudulent documents are becoming more sophisticated, but so is the software used to counteract fake paperwork. Using an external agency for document verification gives companies and organisations carrying out credit checks the ability to ensure all documentation forward to support an application is genuine.
How Long Does a Credit Check Take to Complete?
Regardless of why a credit check is carried out, it is typically completed relatively quickly. However, there can be instances when it can take as long as ten days. Document verification ensures that background checks can be done as soon as possible while giving companies confidence that assessments are completed thoroughly.
If you’re currently considering hiring a new person or carrying out a complete recruitment drive, then a credit check can make all the difference regarding a successful hire. Furthermore, document verification helps ensure that credit checks aren’t delayed when waiting to offer a person a position.