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.

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.