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