Why should I check my applicant’s credit report?

Knowing as much about your potential new employee helps you determine if they’ll be a fit for your business. A credit report is one of the best ways to uncover an applicant’s level of financial responsibility and get an idea of how they handle their financial obligations. This is especially important in cases where an employee will be handing sensitive financial information, funds or assets.

A ShareAble for Hires credit report is an easy addition to a screening package that includes identity verification and a criminal history report for pre-employment screening. While a criminal report gives you important information about relevant misconduct that could be troublesome, a credit report can help you understand the applicant’s ability to manage their financial responsibilities. To help minimize risk, you should verify past records and use concrete data to inform your hiring decisions that will ultimately benefit you, your company and customers.

Get a more complete picture

By upgrading your employment screening package for just a few dollars, you’ll receive an easy-to-read credit report from ShareAble for Hires that can help you evaluate how financially responsible your applicant is and identify potential warning signs that should give you pause.

With our screening package that includes the employment credit report, you’ll be in a better position to evaluate candidates for roles that manage money or handle accounting for your business. These types of positions come with an increased level of responsibility and may require a more thorough look into an applicant’s finances. What’s considered bad credit for employment is subjective – it depends on the kind of position you need to fill and your tolerance for risk.  However, armed with a credit report, you’ll be able to better determine if you can trust this person with important financial tasks and decisions.

Our employee credit check will give you other objective information about the job applicant’s background that may not be included on a job application.  

Our credit report check for employment potentially gives you:

  • Current and previous addresses
  • Full name and aliases check
  • Previous employment information (when available)
  • Payment history
  • Derogatory account data, such as charge-off’s

Our employment credit reports are delivered by TransUnion, a trusted consumer reporting agency that maintains 230 million consumer credit files domestically. And, we search 100 million employment records, information that’s included on credit reports. Data is regulated by the Fair Credit Reporting Act (FCRA) and is compliant with applicable state, federal and local laws so you know the information you receive is reliable. Plus our enhanced matching logic helps ensure the reports you receive on your job candidate are for the right person.

See How do I read the credit report for more information on interpreting the report.

Benefits of reviewing an employee’s credit report

While verifying an applicant’s identity and reviewing their past for criminal misconduct is essential to pre-employment screening, conducting a credit check for employment purposes can be highly relevant for roles that involve handling of cash, finances and budgets. 

The information on a credit report can help you evaluate whether or not a person is financially:

  • Responsible
  • Trustworthy
  • Dependable

Hiring the right person is imperative for a small business. You need a team member who’s not only a great fit culturally, but also is responsible and dependable. Adding a credit report to your screening package can make sense in terms of reducing risk. You’ll discover information about your potential employee, such as whether they’re financially overextended or have a history of paying their debts late.

Our process is candidate-friendly. You can assure your job applicant that the credit check being conducted is for employment purposes. Your pre-employment screening request will result in a “soft inquiry” on their consumer report. This means the request will not impact their credit score.

Hire with confidence today

ShareAble for Hires can deliver important, credit-based information to you in a matter of a few keystrokes. Our credit reports can be used to help you make more informed hiring decisions.

It’s easy to get started. Just create your account on ShareAble for Hires – there is no cost to sign-up. You’ll have instant access to start screening candidates. And because our solution is web-based and self-service driven, you don’t have call anyone to start or wait for authorization. All you need to initiate pre-employment credit and background checks is your applicant’s email address.

With ShareAble for Hires there are:

  • No sign-up fees
  • No membership requirements
  • No onsite credentialing
  • No waiting to start screening

The applicant will receive a ShareAble for Hires screening invitation via email. Once the applicant successfully passes a series of identity verification questions, the reports are sent directly to you and your applicant. Then you’ll have the information you need about their credit history* to make a more informed hiring decision.

*Credit histories may not be available in some geographic areas or when screening for certain positions.

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