What is it?
An adverse financial check or adverse credit check is a thorough search of a credit reporting agency, or public database, to determine a applicant’s credit status and/or credit history.
What do I get?
The results of the check may include: Confirmation of no credit record, or confirmation of record found, with details including financial judgments, litigation, and collection matters (depending on local processes and data availability).
What are the benefits?
When you’re recruiting for a role that involved handling sensitive data or financial transactions, this sort of employee credit check is essential. In addition, it can be used to support FCA fit and proper checks prior to an application for a controlled function.
An individual who is under financial stress is potentially vulnerable. However, awareness of the facts enables you to make informed recruitment decisions.
And as your employees’ circumstances can change, you can also choose to regularly re-run the adverse financial check to check for updated data.
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