Many positions require employees to handle cash, credit, or other sensitive information. Credit Bureau Inquiries have long been a standard tool in pre-employment screening. They are an effective investigative tool that will raise red flags that you will not find elsewhere.
A search based on the applicant’s credit history, which may reveal inconsistent payment histories, bankruptcies, legal action, and collections. In addition, a Credit Inquiry includes all the benefits of our
Identity Cross-Checks. The Credit Inquiry does not affect your candidate’s credit score.
Desperate people may do desperate things. If a prospective candidate is in poor financial condition or has exhibited a lack of financial accountability in the past, they may not be the most suitable individual for handling your company’s assets. 24% of candidates have a red flag in this area.
With the added value of Identity Cross-Check, this service has proven itself useful for clients time and time again, as it catches candidates attempting to manipulate the system by providing a fake name or date of birth. When our Credit Bureau Inquiries are ordered in conjunction with a Criminal Record Check, BackCheck is able to uncover additional candidate aliases, increasing the number of candidate criminal records discovered by over 30%.
Download: BackCheck Credit Bureau Inquiry Brochure (111KB)
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Q. What is a Credit Bureau Inquiry?
A. A Credit Bureau Inquiry consists of an inquiry by BackCheck to TransUnion on an individual’s credit record. A credit record contains items like individuals’ credit cards, loans, and lines of credit balances, as well as their payment records for such items.
Q. What is TransUnion?
A. TransUnion is a major credit bureau clearing house that is widely used by many financial, private, and government institutions to obtain and monitor credit profiles. For more information, you can visit their website at www.transunion.ca.
Q. What is BackCheck’s average turnaround time for a Credit Bureau Inquiry?
A. BackCheck’s average turnaround time is one business day for a Credit Bureau Inquiry provided that all the necessary information is submitted.
Q. How can a Credit Bureau Inquiry enhance verifying my candidate’s identity?
A. By comparing the information that is given to you by the candidate with the information provided by the credit bureau, BackCheck is able to identify more aliases and other inconsistencies which help in providing more accurate employment verifications, education verifications, reference checks, and most commonly, police clearances.
Q. Is consent required for Credit Bureau Inquiry?
A. Yes. All candidates must sign a consent form, provided by BackCheck, which indicates that they are aware of and accept having their credit history examined by BackCheck and that the results will be relayed to you as their potential employer.
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