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Illustration showing GoodHires credit report screening option

Credit Background Check

Credit Background Checks & Reports for Employees

A credit background check for employment is an important way to manage risk in hiring when you need a candidate with strong fiscal responsibility.

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Trust & Safety

Why Credit Background Checks Matter

Reviewing your candidate’s credit history provides insight into a candidate’s integrity and responsibility toward his or her financial obligations, and are recommended for positions where access to financial assets, transactions, and decisions are a primary responsibility. Benefits of credit checks for employment include:

  • Reduced risk of negligent hiring lawsuits, theft, or embezzlement
  • Clear picture of a candidate’s financial responsibility
  • Ability to make informed decisions based on reliable records
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Watch a video to learn about credit checks for employment.

Results

Credit Checks For Employment: What Gets Reported

Employment credit checks show a record of a person’s credit-to-debt ratio and past bankruptcies, providing insight into how someone has managed credit and bill payments in the past—an important indicator for positions where the employee will be handling or managing money. While credit checks for employment do not report credit scores, results may include:

  • Names and addresses of current and previous employers
  • Notifications of bankruptcies
  • A record of the individual’s credit and payment history
  • Any unpaid bills turned over to a collection agency
  • Other credit inquiries that have been made on the candidate
Illustration showing a candidates credit history report

69%

of customers say they experience faster turnaround times with GoodHire. Experience it for yourself—get started.

Compliance

How Can You Stay Compliant With Credit Background Checks?

Employers must follow the federal Fair Credit Reporting Act (FCRA) when running employment credit checks, including disclosure, authorization, and consent requirements. Employers must also follow the adverse action process when deciding not to hire based on information in a credit report. Learn how GoodHire’s built-in compliance workflows can help.

State & City Laws Also Apply

Several states and a few cities like New York and Chicago have restrictions on how employers can use employment credit checks in hiring. Typically, the use of credit history is prohibited unless the employer or employee falls into special categories, such as an employee who would:

  • Handle large amounts of money
  • Work in a managerial capacity
  • Have access to trade secrets
  • Work in a field (such as financial services) in which regulations require credit reports

Resources

More Information About Credit Background Checks

Illustration of a padlock securing personal data for a credit freeze.

Does A Credit Freeze Affect Employee Background Checks?

Many consumers place a freeze on their credit for added security. Find out what a credit freeze is, and whether a credit freeze can affect background checks.
Read Now
A note on a cluttered office desk shows a reminder to follow the FCRA.

What Employers Need To Know About FCRA Credit Check Requirements

Learn more about the FCRA and credit checks, what company credentialing means, and why hiring a CRA to conduct credit checks is a wise investment for your company.
Read Now
A woman standing with arms out weighing decision about whether to use credit checks.

Pros & Cons To Checking Candidates’ Credit In The Interview Process

We’re sharing the pros and cons, as well as important considerations about using credit checks, so you can make the best decision for your company.
Read Now
A woman is looking at laptop, thinking about rescinding job offer based on credit check results.

Should You Rescind A Job Offer Based On A Credit Check?

Learn more about what to consider and how to approach rescinding a job offer based on the results of a credit background check, and the proper steps to take.
Read Now

Easy to Get Started

Employers Must Be Credentialed First

Before running credit background checks for employment, employers must first meet specific eligibility requirements set forth by the FCRA. The process generally takes 3-5 days, and in some cases may require an on-site inspection to verify your business, which requires a one-time fee. GoodHire’s step-by-step workflow will take you through the process. Get started running employment credit checks in three easy steps:

1
Create A GoodHire Account
Start by completing GoodHire’s sign up process, or sign in to an existing account.
2
Meet Eligibility Requirements
Online questions determine your eligibility to run credit checks and identify any required legal documentation.
3
Complete On-Site Inspection
A certified inspector verifies your business’s legitimacy with an on-site inspection (if required).

Our compliance expertise is unparalleled.
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GoodHire provides simply better employment screening for you and your candidates.


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