Pre-employment Credit Checks- 5 Things You Need To Know

There are a lot of workers being rejected for jobs in the United Kingdom due to an increase in their bad debt history. In this article, we will look at pre-employment credit checks and the five things you should know. Pre-employment credit checks have become one of the most common reasons why most potential employees fail their screening test. In the UK it is now common and mandatory for employers to conduct a credit check on potential employees. There is a need to understand the five keys or things about pre-employment credit checks.

Pre-employment Credit Checks And The Five Things You Need To Know

The following is the list of the five key questions or things you need to know about pre-employment credit checks.

What Is Pre-employment Credit Check?

Pre-employment credit checks can be described as a series of checks carried out on a candidate about their credit history which will form an important part of the recruitment process. It helps employers to know the financial history and present situation of a candidate and it will, in turn, help them reduce the risk of employing fraudulent candidates and also comply with UK law.

Why Employers Need To Perform Credit Checks

It is important to note that assessing and knowing a candidate’s financial status reduces the risk of fraudulent activities committed by employees in the workplace. Most employers have argued about this. Some school of thought says that a candidate classified as a “BAD DEBTOR” tends to commit fraud in future. It is a very big challenge because there are also many cases where people without any debt are the ones that commit fraud. This argument is mostly used in the financial sector, but other sectors like healthcare and engineering still perform pre-employment credit checks on their employers. You can access your credit reports by visiting this website.

What Can A Candidate Do To Help Their Credit Screening When They Apply For A Job

It is easy to check your credit reports online but, unfortunately, so many candidates don’t know about this. Some employers may not also know that employees can do this., To help candidates with their credit screening, you can make them know the fact and carefully advise them that they should be monitoring their financial health regularly and they should ensure they meet up with their regular payments. Since there is no standard set to be used for pre-employment checks, the requirements can vary in different companies. These differences in standards are the reason why companies are requesting for a universal approach to be adopted.

Read Also: List Of Things To Do Before A Credit Check You Need To Know Now

What Are The Services That Reed Provides?

Redd is one of the most popular UK pre-employment screening businesses. Because of the quest and commitment to reducing risks with our roots firmly in recruitment, Reed uses most of the knowledge and expertise to recommend a background screening package that will suit the need of your business.

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