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Info Cubic’s credit report for employment purposes provides details regarding an applicant’s financial status, debts, payment history and bankruptcy records.
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.
Q: No information was provided on the Credit report due to a Security Freeze on the applicant’s account. What does this mean?
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.
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.
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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.
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 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.
