Bank Employment Pre-Screening

mancosaurus

Hello,

I have been offered a position at a high-street bank within the IT department. I have been told there would be a credit check performed on myself which has now left me quite worried! I have checked my credit report and I have six defaults, all of which are Balance: Satisfied. Will this affect my chances of getting the position? What will the bank be looking for primarily?

Experian have me at 864 (Fair) which I know means nothing!

Thanks!

keyser666

I used to work for HSBC, JP Morgan (Pre merger), Deutsche and UBS in their IT Department. I knew of people with one judgement not accepted in all of the above.

I do believe some banks though have different internal criteria but if one of the above two no chance

amyloofoo

keyser666 wrote: »

I used to work for HSBC, JP Morgan (Pre merger), Deutsche and UBS in their IT Department. I knew of people with one judgement not accepted in all of the above.

I do believe some banks though have different internal criteria but if one of the above two no chance

My experience is very different. I worked for Natwest in their business banking department and know of people with defaults who were accepted - the key is that they're settled and in the past (and that you've been honest about them). They're less interested in past problems than they are in your current financial state (and susceptibility to fraud, bribery, alongside indications of gambling problems, etc) and personal integrity. If you're completely honest, explain that you have had problems in the past but that these are now settled and won't happen again, then they're likely to be understanding. Talk to HR if you're at all concerned, they're not trying to catch you out.

keyser666

amyloofoo wrote: »

My experience is very different. I worked for Natwest in their business banking department and know of people with defaults who were accepted - the key is that they're settled and in the past (and that you've been honest about them). They're less interested in past problems than they are in your current financial state (and susceptibility to fraud, bribery, alongside indications of gambling problems, etc) and personal integrity. If you're completely honest, explain that you have had problems in the past but that these are now settled and won't happen again, then they're likely to be understanding. Talk to HR if you're at all concerned, they're not trying to catch you out.

Would have to agree with you here amyloofoo as I know some peeps that are in that position and have been accepted, also some with current defaults that are not settled but are repaying the debt off.

It is all about the internal policy but your advice be truthful and upfront is spot on and is far better to do than to pay dumb and not

*Scarlett

When you say "defaults" do you mean missed payments or that you have actually defaulted and not paid for your cards / loans?

Have you had any court proceedings to chase you for payments?

If you have had a CCJ against these missed payments then I would say that your employments prospects with this bank are remote.

Missed payments aren't unusual but you are now up to date - and for your future employer, tell them about it - you can put it down to techy-geek absentmindedness!!

If you have set up direct debits for your minimum payments they will know that you intend to rectify this.

mancosaurus

*Scarlett wrote: »

When you say "defaults" do you mean missed payments or that you have actually defaulted and not paid for your cards / loans?

Have you had any court proceedings to chase you for payments?

If you have had a CCJ against these missed payments then I would say that your employments prospects with this bank are remote.

Missed payments aren't unusual but you are now up to date - and for your future employer, tell them about it - you can put it down to techy-geek absentmindedness!!

If you have set up direct debits for your minimum payments they will know that you intend to rectify this.

I have actually defaulted on six items four years ago. I paid them all off last year / this year.

I do not have any CCJs just defaults on my account - and I have gone from 236 to 864 this year (I know, I know!)

I contracted for the bank for 2years and have now decided to take the permanent position - when I heard about this credit check it has scared me slightly!

amyloofoo

mancosaurus wrote: »

I have actually defaulted on six items four years ago. I paid them all off last year / this year.

I do not have any CCJs just defaults on my account - and I have gone from 236 to 864 this year (I know, I know!)

I contracted for the bank for 2years and have now decided to take the permanent position - when I heard about this credit check it has scared me slightly!

Don't stress, things are probably going to be fine as long as you're sensible and honest. It's very much dependent on how up-front about the situation you've been with them (they'll be much more concerned by you trying to hide things than by finding defaults). The other issue is the amount and type of default. They get concerned about large outstanding debts as there's a possibility of theft / fraud / blackmail / addictions being a factor. If your defaults are a couple of hundred for utilities / mobile contract, etc then they'll be much less worried than a £20,000 credit card bill, IYSWIM. As these defaults are showing as 'settled', I presume there's no outstanding balance, which is a good point in your favour.

If you haven't already, I suggest you contact HR, let them know that you got into a financial mess 4 years ago and had a few defaults but that these have now been settled. If there are any mitigating circumstances, i.e. redundancy, lost bills when moving house, etc then I'd let them know. Emphasise that these have now been paid, there are no current financial issues, and that you've been contracted to your position for 2 years without incident. They may want to monitor your financial situation a little more closely whilst you're employed (NW did yearly credit checks on staff and required them to let managers know about anything major that may show) but I can't see this being a massive issue as long as you're completely honest.

Good luck.

mancosaurus

amyloofoo wrote: »

Don't stress, things are probably going to be fine as long as you're sensible and honest. It's very much dependent on how up-front about the situation you've been with them (they'll be much more concerned by you trying to hide things than by finding defaults). The other issue is the amount and type of default. They get concerned about large outstanding debts as there's a possibility of theft / fraud / blackmail / addictions being a factor. If your defaults are a couple of hundred for utilities / mobile contract, etc then they'll be much less worried than a £20,000 credit card bill, IYSWIM. As these defaults are showing as 'settled', I presume there's no outstanding balance, which is a good point in your favour.

If you haven't already, I suggest you contact HR, let them know that you got into a financial mess 4 years ago and had a few defaults but that these have now been settled. If there are any mitigating circumstances, i.e. redundancy, lost bills when moving house, etc then I'd let them know. Emphasise that these have now been paid, there are no current financial issues, and that you've been contracted to your position for 2 years without incident. They may want to monitor your financial situation a little more closely whilst you're employed (NW did yearly credit checks on staff and required them to let managers know about anything major that may show) but I can't see this being a massive issue as long as you're completely honest.

Good luck.

Thank you for the prompt reply - I'll be sure to keep you updated once I hear anything further.

I have a meeting with HR on Monday so I'll speak to her about my past and hope it doesn't pose any issues!

keyser666

I also think it changes your situation slightly as you omitted the fact that you were a contractor there for two years before accepting a permy role.

It is not like a new application from a prospective employee that is a unknown quantity, they are aware of you and your work and you are already in a position of trust and this will go some way with your application.

Very similar to a contractor I knew who had a criminal record and was working for a govt dept where I was working as a contractor for 3 years and went permy and thought it would be a simple transition not realising he would have to go through the whole process, they allowed him onboard even though his conviction was not spent and he was upfront about everything.

On a side note, I work in the contracting world and have done since 2003 and it doesnt surprise me that financial institutions and central/local government departments never check contractors who will have the same iT admin access as others but yet want to thoroughly check them if they go permy

mancosaurus

Just to keep you updated (In case this helps anyone else in the future) I have spoken to HR this morning. I will need to do my check through First Advantage - to which I have been told to declare it on the appropriate field

It shouldn’t effect anything as long as it was “satisfied” at a later date is what I have been told

I'll update once I receive the form, and any feedback from it!

mancosaurus

Hello,

Just another update - I have received my First Advantage login and completed the form. It DOES NOT request any information on Defaults, only on CCJs etc. I phoned the customer service desk at FADV and they stated it was not a requirement during the credit check.

I have submitted my FADV check and will update on anything further (Hopefully with good news!)

Thanks!