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Employment Credit Reports


What is an Employment Credit Report?

An Employment Credit Report is a Credit Report prepared specifically for employers. An Employment Credit Report provides current and historical credit payment and balance information. It may contain information regarding delinquent accounts, accounts that have been sent to collection, maximum credit limits available, court judgments, bankruptcies, and liens. It may also provide a list of recent inquiries made about an individual's credit.

Credit Check, Financial History Report, and Background Check: Are They the Same as an Employment Credit Report?

Employment Credit Reports are often referred to as Credit Checks and sometimes as Financial History Reports. At times a Credit Report is erroneously called a Background Check.

What are the Sources of an Employment Credit Report?

There are three major Credit Reporting Agencies. Employment Credit Reports are compiled separately by each of these three agencies. Organizations that issue credit to individuals are the original source of the credit history information compiled by the Credit Reporting Agencies.

What are the Benefits of an Employment Credit Report?

If an employee will have fiduciary responsibilities (such as handling company funds, having access to credit card information, or working as a financial officer), an Employment Credit Report is a critical element of a comprehensive background check. It provides an important look into the financial history of an individual, as well as the person’s current financial standing. It outlines habits and skills in financial management and reveals potential financial pressure.

Credit Reports also may provide name variation and address history for the individual. This information is very useful when checking for a history of criminal records.

What are the Weaknesses of Employment Credit Reports?

Employers must be cautious when using Employment Credit Reports in the hiring process. Employment Credit Reports can be incomplete. Not all credit, judgment, bankruptcy or lien information is supplied to the Credit Reporting Agencies. In addition, Employment Credit Reports are also subject to mistakes, which can change the nature of the reports. Employment Credit Reports can also be difficult to read. See “Need Help Reading Credit Reports?” below.

How Long Do Employment Credit Reports Take?

Special approval must be obtained before a client can order Employment Credit Reports. Once approval has been obtained, Employment Credit Reports are usually available the same day an order is entered into our online tracking system. To protect the confidential nature of this information, Employment Credit Reports cannot be viewed online by our clients. The report must be faxed or mailed.

Can I See a Sample Employment Credit Report?

Yes, click Sample Employment Credit Report.

What is Our Recommendation for Employment Credit Reports?

We strongly recommend an Employment Credit Report for any potential employee who will have fiduciary responsibilities. It will outline habits and skills in financial management as well as potential financial pressure.

What if I Find Errors on My Credit Report?

You will need to contact the Credit Reporting Agencies directly. See Credit Bureau Contact Information.

Need Help Reading Credit Reports?

The following resources may help in reading a credit report:

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