CRA clients offer more than just criminal searches in their suite of products. A credit report, for example, can be a vital component of some companies’ employment screening processes. Organizations that hire employees who deal with confidential information and financial transactions or handle large amounts of money, such as banks and investment firms, have a need to reduce risk by running employment credit reports.
Credit Checks for Employment
A credit report for employment usually includes debt and payment history, and it can show an applicant’s detailed borrowing behavior, minus the credit score. The debt information includes history on all types of debt, from credits cards to mortgages to personal, student, and car loans. An employment credit report also includes some identifying information, such as the applicant’s name, previous names and aliases, and their current and former addresses.
There are restrictions on the time frame of the information—for example, how far back a provider can report bankruptcy records. The Fair Credit Reporting Act outlines specific rules and restrictions for employment credit reports, and there may be local and state restrictions as well.