Please Help - Credit Checks for Job App

beth3735

My husband works in a bank but not handling cash and he needed a credit score check. They all do. It has happened before when people have started the job and then 4 weeks into their training been laid off due to a failed credit score.

Don't want to wish you any worry, but just wanted to be honest. I also passed the phone interview for this same bank as my husband, was due to go down for the face to face one, but knew they did credit checks and i had just started my DMP so bottled it lol

Good luck though

Iloveprettythings

Thanks for you advice.

I have been searching through the forum and found another thread (unfortunately it would not let me post a link to it) but its called Pre-Employment checks for bank job and after reading that it makes me wonder whether its right to contact the employer and declare the DMP or not? As people on this thread seem to think they only check for CCJ and bankruptcy?

Better_Off_1983

I have worked for the collection departments of high street banks and credit cards and a credit check was compulsory. Typical questions like...

Any defaults?
Are you or have you ever been bankrupt?
Any CCJs?

If it were me, I would have stated that I am in a DMP both written and verbally, albeit, it is not the same as an IVA however, being in a DMP does have a possible negative effect on your credit file. It does not matter if you are handling money in the job, it is about giving financial advice to people and dealing with people in possible financial difficulty when it looks like (on your credit file) that you cannot manage your own finances on your own.

I know in some companies, they constantly credit check you every month or so and you are out the door if anything is on your credit file that is bad.

HTH

Beagles

Not quite the same situation, but I recently had to get security clearance when working for a particular client. This included a credit check because they needed to know that your financial situation wouldn't put them in a position of risk. Like you I have been on a DMP for several years (only a couple of months left to go in fact) and I know my credit score is very low. The security clearance came through fine, though.

Iloveprettythings

Beagles wrote: »

Not quite the same situation, but I recently had to get security clearance when working for a particular client. This included a credit check because they needed to know that your financial situation wouldn't put them in a position of risk. Like you I have been on a DMP for several years (only a couple of months left to go in fact) and I know my credit score is very low. The security clearance came through fine, though.

There is a small amount of hope then!

XXSCOTSLASSXX

suppose that does give hope, however, I would think being at the very end of DMP debt levels would now be very minimal and also if has been longer than 6 years defaults etc may no longer be visable circumstances may be very different.

If you are going to continue with the application/position you can only wait and see, is all very well everyone saying may be fine/may not be fine your not actually going to know for sure until the credit check is performed and they advise you of the outcome. Personally I think id have been a little wary in handing in notice with current position until all was finalised and you knew for sure that the job was yours no longer subject to any checks etc. Might be an idea to call them and ask for the outcome of the credit check as you are waiting to submit a notice period in current position, it may well speed them up and at least you will know one way or the other if you actually do have the job.

Iloveprettythings

Oh also I meant to mention I have worked in the financial services industry for 16 years! I admit when I first started out I was not in debt and my previous financial admin roles never asked for credit checks. The last time I applied for a job before this one was in financial services and that was in 2004.

I have had the DMP for 3 years.

I am thinking that ok they could see I had a DMP but they can surely see that
a) I have no criminal record
b) My references are all good
c) I have worked in financial services for 16 years!!!

Surely the above things would be weighed up too

XXSCOTSLASSXX

sorry theres really no point in trying to justify it with everyone here, at the end of the day they perform a credit check for a reason. If they did not have a certain criteria that employees had to reach on a credit scale they would not be interested in performing a check.

You'll drive yourself mad assuming this and that, I still say the best idea is to call them ask the outcome of the credit check say you need to be sure of the employment offer before submitting notice period to current position. This is not an unreasonable request, they have not given you a formal offer of employment, it is only provisional subject to checks most people would wait for the formal written in stone offer before handing in notice and Im sure they would understand your request for confirmation.

jubilee14

Hi pretty things. I have a similar problem have worked in my job for quite a while and requires credit checks done ( although its not financial industry) went on a dmp late last year and realised that the level i need checked which is reviewed will require credit checks. So i have fessed up to my employers and explaned. ITs my fault but i feel if i am honest its the best chance i have of keeping my job they are looking into it just now and will come back to me. If nothing else i know i have done the right thing and told them rather than wait for the next review to come and they discover what i already know. It would look more dishonest that way.

Hope it works out but I would front up and say to them i know what you mean by formal and informal arrangements but if they mentioned defaults in the check. GOod luck .

goodgrief42

Hi,

Well done in finding another job.

I also work in financial services in london for a major bank. I also dont handle money but had to undergo a credit check. They asked the same questions as you, "are you bankrupt, any CCJs or formal arrangements".

I ticked no and did NOT detail all my bad debt. I have several defaults on my file.

Like you, I am NOT on a formal arrangement. I have set up DMPs with my creditors myself.

The formal arrangements they refer to are IVAs, DRO's CCJs and bankruptcys. Of which I had none.

These formal arrangements are also generally recorded on a register of sorts and can be seen by anyone doing a credit search.

Informal arrangments like your DMP are not registered anywhere. Your credit file will just show any late payments, defaults and possibly "arrangements to pay". The thing with informal arrangements is they can be anything from from very small e.g a few late payments to huge defaulted debt. Where do you draw the line? An employer may want to know about huge defaults but not a few late payments. So they wont want applicants detailing their life story of the ins and outs of late mobile phone payments.

Incidentally, I understood that the only companies that can view your FULL financial history are those that are assessing whether to lend you money. In other words your prospective employer is NOT considering a loan application and therfore will NOT be able to see all your late payme nts and defaults.

They will ONLY see the formal arrangments that have been registered seperatly such as CCJs (registered in court records), IVA/bankruptcys (registered on an insolvency database).

I think you will be fine as you have answered the question they stated. If they wanted to know all debt they would not have specified 'formal' arrangement.

If you are still worried is there any way you can call them anonomously (misspelt) saying you are calling on behalf of a friend that is interested in applying for a role but they have defaults?

Good luck and hope you like the job.