Adverse credit check

Employment credit check for financial background

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Adverse credit check

An adverse credit check is an overview of how a candidate manages consumer debt, which is a soft credit search. Mitigate the risk of fraud and ensure compliance by requesting a credit check.

Adverse credit check

Excl. VAT
£4

*Per check

Adverse credit check
What is an Adverse Credit Check?

Adverse Credit Check or Financial Background Screening is a type of a pre-employment screening check (employment vetting) that employers can carry out on prospective or current employees for sensitive positions and particularly those handling money and funds.

The Complygate’s Employment Credit Report is specifically designed to give businesses the information needed to help make smarter decisions quickly and easily when considering on potential candidates or review current employees.

Why my employer will check my credit report?

Employers want to be sure that your financial position would not impact your performance at work and that you do not pose any risk when it comes to handling money or sensitive data. Law and finance firms are legally required to perform credit checks on prospective or current employees.

Does a credit check for employment vetting appear on my credit report?

Yes, however, only you will be able to see it. It will appear as ‘COMPLYGATE’. Lenders would not be able to see if your report has been checked by your employer for the purpose of pre-employment screening (employee vetting), so your credit score would not be affected.

Adverse credit check is a soft search which will be recorded on your credit report.

What will my employer be able to see after performing an adverse credit check?

‘Adverse credit’ refers to any missed or non-payment on a individual’s credit report. The following types of adverse credit (red flags) will show up on an employment vetting credit check:

  • Credit information listed at the applicant’s current and previous addresses
  • County Court Judgments (CCJs)
  • Individual Voluntary Agreements (IVAs)
  • Bankruptcies

Complygate adverse credit check will not affect applicant’s credit score or ability to borrow.

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Interpreting results of Adverse Credit Checks

Interpreting financial data is likely to require a greater degree of judgement than other preemployment checks. e.g. what is adverse credit history? This could include an unsustainable lifestyle or bad payment history.

Consideration should be given to the ability and planned efforts made to repay debts. Clear guidelines will help to ensure that your judgements are logical and defensible.

Why employers should use Complygate Adverse Credit Check?

Complygate is one of the UK’s smartest pre-employment screening platforms. As part of a commitment to reducing risks and with our roots firmly in compliance, Complygate uses market knowledge and expertise to recommend an Employee vetting package that best suits the needs of your business.”

Get in touch today to find out how our additional services can benefit your people strategy.

Complygate Adverse credit check is also ideal for Tenant Background Check (Credit check for landlords).

Our Tenant check service is simple to use. There is no minimum commitment or set up fee for the credit check for renters and is available from as little as £4 per check.

How does Complygate Adverse Credit Check work?

Credit Check FAQs

  • What is an adverse credit check?

    Adverse Credit Check or Financial Background Screening is a type of pre-employment screening check (employment vetting) that employers can carry out on employees for sensitive positions and particularly those handling money, client money and funds. Employment Credit Report is specifically designed to give businesses the information needed to help make smarter decisions quickly and easily when considering potential candidates or reviewing current employees.

    What will my employer be able to see after performing an adverse credit check?

    ‘Adverse credit’ refers to any missed or non-payment on an individual’s credit report. The following types of adverse credit (red flags) will show up on an employment vetting credit check:

    • Credit information listed at the applicant’s current and previous addresses
    • County Court Judgments (CCJs)
    • Individual Voluntary Agreements (IVAs)
    • Bankruptcies

    Complygate adverse credit check will not affect the applicant’s credit score or ability to borrow.

  • What is a credit check?

    A credit check or credit search is when a financial institution or a lender looks at information from your credit report to understand your financial behaviour and affordability. Following companies that may do a credit search on you with a legitimate reason or your consent:

    • Banks and building societies
    • Credit providers
    • Utility suppliers (Gas, electricity, or water)
    • Letting agencies
    • landlords
    • Mobile phone or broadband companies
    • Employers for background screening
  • Why credit check for employment is important?

    Employers want to be sure that your financial position would not impact your performance at work and that you do not pose any risk when it comes to handling money or sensitive data. Law and finance firms are legally required to perform credit checks on prospective or current employees.

  • What is financial probity check?

    Financial Probity checks have a very limited and specific legal meaning. It is different to a credit check. A financial probity check involves searches of publicly available data. These show two things.

    1. search of bankruptcy and insolvency register.
    2. search the register of judgements for County Court Judgements (CCJs).

    This is all information that is open to the public and held on central registers. As the information is public, an employer doesn’t need your consent to run these checks. Many will also check that you are listed on the electoral register at the address you’ve given.

  • What is a soft credit check?

    A soft credit search, also known as a soft credit check, is not visible to third parties or lenders on your credit report. Credit checks for employment screening or tenant vetting is a few examples of soft credit check. Soft credit checks do not leave a visible footprint on your credit file and do not affect your affordability to avail financial products or credit in future.

  • What is a hard credit check?

    In a hard credit search, a financial institution makes a search of your credit report, which is recorded on your report, so any company searching it will be able to see that you have applied for credit.

  • Why is a credit history check important?

    Credit history checks leave traces on your credit report, lenders can use them to see how you qualify for a wide range of credit without applying. Unlike, adverse credit check which is a soft credit search that is not visible to lenders or other third parties.

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