Why Credit Background Checks are Crucial

Employment background credit checks provide insight into candidate integrity and responsibility towards their financial obligations, noting a record of credit-to-debt ratio and any past bankruptcies. Pre-employ is an authorized credit reporting agency (CRA) that offers a complete report to help employers manage risk and ensure FCRA guidance and compliance for an informed hiring decision.

Key reasons your company wants credit reporting searches include:

  • Demonstrated financial responsibility of the candidate
  • Mitigate poor hiring risks that lead to negligence suits
  • Accurate details that enable you to make a confident employment decision
  • Risk the chances of losing revenue from hiring the wrong employee.

Evaluate Candidate Fiscal Responsibility and More

A pre employment credit check gives employers insights into a candidate’s credit habits and what their current debt ratio looks like. Organizations with finance role vacancies need this information to understand how a potential hire handles money. From late bill pays to previous bankruptcies, this report gives a clear snapshot. 

Despite credit scores not being made available on this type of background screening, our credit reporting agency will report the following information on credit-related searches:

  • Credit inquiries
  • Bankruptcy notifications
  • Payment history
  • Employment history

Discover the Ease of Automated Credit Background Check Software

Pre-employ meets the necessary eligibility requirements to receive FCRA certification to run credit background checks on prospective candidates using our automated software suite. Companies that utilize our convenient background check portal enjoy streamlined workflows because our advanced technology integrates seamlessly and eliminates bottlenecks. Make your recruitment efforts competitive and avoid delays that can cost you top talent opportunities.

What Compliance Laws Affect Credit Background Checks?

Organizations and employers needing credit background checks for potential hires must adhere to the guidelines in the federal Fair Credit Reporting Act (FCRA). Some requirements of this vital legislation include obtaining consent, disclosure, and authorization requirements. Working with a credit reporting agency like Pre-employ and its automated proprietary background check software has this compliance built-in. 

Our company also has FCRA certified experts to help companies navigate adverse action outcomes when screenings return information that negatively affects plans to hire. Their combined decades of knowledge will also advise you on how state and city laws might apply to your credit background check process, as well. 

Pre-employ Helps You Hire Responsible Employees

Using credit background check services with an FCRA certified credit reporting agency like Pre-employ will empower your hiring managers to make sound talent decisions. With customizable background check software that easily integrates into existing infrastructure, and built-in tools that use automation to speed up workflows, customers depend on our software to stay ahead of their industry competition.