Credit Report Check for Applicants

Info Cubic’s Credit Report provides details regarding an applicant’s current and previous debts, payment history, bankruptcy records, lien and judgments, and current financial status. Credit reports for employment purposes will not have a credit score indicated, and they are a “soft hit,” meaning they will not affect an applicant’s credit rating.

In this age of identity theft, consumers may have placed a “security freeze” on their credit history because of prior theft problems. This means that the consumer will have to contact the credit bureau and have the freeze temporarily “lifted” so a credit report may be obtained by the background screening company.

FAQ

Q: No information was provided on the Credit report due to a Security Freeze on the applicant’s account. What does this mean?

Did you know

Consumer credit reports are legally permitted when conducted in compliance with federal and state laws and regulations; however, their use in employment decisions has steadily declined. An increased focus on privacy, coupled with the economic challenges many have faced over the last decade has contributed to an environment in which many argue an individual’s credit has limited impact on his/her qualifications for a specific job. Additionally, there are several jurisdictions –on the state and local level – that prohibit the use of credit information in employment decisions unless a specific exemption applies, and a few jurisdictions that require specific language on the disclosure and authorization form (such as California). Please contact your account manager for educational information regarding these laws.

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Recommended for

A credit report check can be an important indicator of financial responsibility for employees with fiduciary or cash handling responsibilities, access to expensive equipment, other people's property, or who are otherwise placed in a position of financial trust.

Sources

TransUnion

Turnaround Time

2 - 4 hours

Information Required

Applicant Information – Name and date of birth
Applicant AKA – Additional names under which an applicant’s record might be filed (maiden names, nicknames, etc.)

Results Guidelines

Consumer credit reports may include: current and previous debts, payment history, bankruptcy records, previous residency history, and current financial status. Credit reports for employment purposes do not include a credit score and are considered “soft” inquiries, meaning there is no impact to an individual’s credit rating. To access credit history information, clients are also subject to additional requirements such as an onsite inspection and thorough vetting requirements. When conducting a credit check for employment purposes, we recommend evaluating if there is a clear relevancy between the credit information and the position’s duties and responsibilities. Further, we recommend consultation with a qualified legal counsel for all employment law matters.

Potential Outcome (Result)

Complete:	Report was returned to requester.
Missing Information:	Information required to complete the report is missing from the order. Info Cubic can reach out to you for assistance or to the candidate directly using our Applicant Connect product. Call us at 1-888-925-0922 for more information.

Sample Report

Credit (Employment) Report COMPLETE

TRANSUNION EMPLOYMENT CREDIT REPORT FOR: USER REF: DATE REPORT PRINTED: 11/01/2017
EAF789456123 BUREAU: 10 CENTRAL STANDARD TIME: 12:20 IN OUR FILES SINCE: 06/2012
SUBJECT NAME: DOE, JANE ALSO KNOWN AS: SOCIAL SECURITY NUMBER: 000-00-0000 DOE, JANET PHONE: 575-555-1212 CURRENT ADDRESS REPORTED: 01/2017 123 MAIN ST. ALBUQUERQUE, NM 87101
FORMER ADDRESS REPORTED: 06/2016 456 SOUTH ST. ALBUQUERQUE, NM 87101
EMPLOYMENT DATA REPORTED: ABC COMPANY POSITION: SALES REPRESENTATIVE DATE VERIFIED:05/2015CREDIT INFORMATION ------------------------------------------------------------------------------- SPECIAL MESSAGES: *ADDRESS ALERT: CURRENT INPUT ADDRESS DOES NOT MATCH FILE ADDRESS(ES) HIGH RISK FRAUD ALERT:CLEAR FOR ALL SEARCHES PERFORMED* ------------------------------------------------------------------------------- THE FOLLOWING CREDIT SUMMARY REPRESENTS THE SUBJECT'S TOTAL FILE HISTORY:
PUBLIC RECORDS: 0 CURRENT NEGATIVE ACCTS: 1 REVOLVING ACCTS: 0 COLLECTIONS: 2 PREVIOUS NEGATIVE ACCTS: 0 INSTALLMENT ACCTS: 1 TRADE ACCTS: 1 PREVIOUS TIMES NEGATIVE: 0 MORTGAGE ACCTS: 0 CREDIT INQUIRIES: 3 EMPLOYMENT INQUIRIES: 2 OPEN ACCTS: 0
HIGH CRED CRED LIMIT BALANCE PAST DUE MNTHLY AVAIL CLOSED W/BAL: $11.1K $9000 $350 TOTALS: $0 $0 $11.1K $9000 $350 ------------------------------------------------------------------------------- THE FOLLOWING ITEMS ARE FOR COLLECTION RECORDS:
ABC CREDIT Y 123456 OPEN ACCOUNT ACCT INFO DSP BY CSMR COLLECTION AGENCY/ATTORNEY VERIF'D 11/2017 BALANCE: $1000 INDIVIDUAL ACCOUNT OPENED 02/2017 MOST OWED: $1000 10 CONSUMERS ENERGY PAST DUE $1000 STATUS AS OF 11/2017 COLLECTION
CREDIT BUR Y 234567 OPEN ACCOUNT PLACED FOR COLLECTION COLLECTION AGENCY/ATTORNEY VERIF'D 11/2017 BALANCE: $100 INDIVIDUAL ACCOUNT OPENED 06/2015 MOST OWED: $100 MEDICAL PAST DUE $100
------------------------------------------------------------------------------- THE FOLLOWING ACCOUNT INFORMATION IS PRINTED IN ORDER BY MOST NEGATIVE MANNER OF PAYMENT (MOP) AND DATE MOST RECENTLY UPDATED.
AMER HONDA Q 789456 INSTALLMENT ACCOUNT REPOSSESSION AUTO LEASE VERIF'D 06/2017 BALANCE: $22456 JOINT ACCOUNT OPENED 05/2015 MOST OWED: $9000 PAY TERMS: 36 MONTHLY $350 CLOSED 05/2017 PAST DUE:$9000 STATUS AS OF 05/2017 REPOSSESSION ------------------------------------------------------------------------------- THE FOLLOWING COMPANIES HAVE REQUESTED A COPY OF THE SUBJECT'S CREDIT REPORT:
DATE SUBCODE SUBSCRIBER NAME
03/20/2017 98765432 ABC CREDIT 02/11/2016 12345678 BOBS CREDIT 10/14/2015 B3293320 AMEX ------------------------------------------------------------------------------- THE FOLLOWING COMPANIES HAVE REQUESTED A COPY OF THE SUBJECT'S FILE FOR EMPLOYMENT USE:
DATE SUBCODE SUBSCRIBER NAME
11/01/2017 E4567891 ABC COMPANY 04/01/2016 E9876543 XYZ CAPITAL ------------------------------------------------------------------------------- EMPLOYMENT CREDIT REPORT SERVICED BY:
TRANSUNION 2 BALDWIN PLACE, P.O. BOX 1000 CHESTER, PA 19016 800-888-4213 CONSUMER DISCLOSURES CAN BE OBTAINED ONLINE THROUGH TRANSUNION AT: HTTP://WWW.TRANSUNION.COM
END OF TRANSUNION REPORT

FAQ

Q: No information was provided on the Credit report due to a Security Freeze on the applicant’s account. What does this mean?

A: Individuals may place a security freeze, or “credit freeze” on their credit in order to restrict access to their credit report, which makes it more difficult for identity thieves to open new accounts in their name. The applicant may temporary lift the freeze in order to allow us access to their credit report. It is important to note that we cannot obtain any credit information until the applicant has taken the appropriate steps to lift the freeze.

For further details, call us today at 1-888-925-0922

The Cube Feature

The Cube has several safety nets to ensure credit reports are not made available to customer or end users who do not have proper authorization to order credit history. That includes an account-level setting that enables ordering credit searches plus some configuration steps to enter the proper codes specifically assigned to that client.

When a Credit Report is ordered, Info Cubic will make available the actual details of the credit report. Credit reports for employment purposes do not include a credit score and are considered “soft” inquiries, meaning there is no impact to an individual’s credit rating.