Credit check (??)

Thrugelmir

DCFC79 wrote: »

Surely the american employer can find a company in the UK who can carry out these checks.

You would have thought so. Shouldn't be an unusual request for an employment agency either.

Pixie5740

GingerBob wrote: »

I'm just a bit puzzled by this one. Supposedly only "closed group" companies can smack you with a credit check. In other words, only companies who report your accounts to the CRAs can interrogate the data. How then, do general run-of-the-mill financial services companies and other sundry employers gain access to this data?

There are lots of professions and jobs where potential members of staff and current members of staff need to be credit checked. These credit checks aren't the same as a lender credit check but certain employers do need to know that you are solvent. Employees who handle large sums of cash, are involved in large financial transactions, solicitors, those with access to sensitive government information. or sensitive corporate information, directors, to name but a few. The employment checks are only seen by you on your credit file as they are unrecorded enquiries.

andyfromotley

GingerBob wrote: »

I'm just a bit puzzled by this one. Supposedly only "closed group" companies can smack you with a credit check. In other words, only companies who report your accounts to the CRAs can interrogate the data. How then, do general run-of-the-mill financial services companies and other sundry employers gain access to this data?

I think they can only check for basic, publicly recorded information, same as a landlord type check.

m4rc

GingerBob wrote: »

I'm just a bit puzzled by this one. Supposedly only "closed group" companies can smack you with a credit check. In other words, only companies who report your accounts to the CRAs can interrogate the data. How then, do general run-of-the-mill financial services companies and other sundry employers gain access to this data?

If you want to sell financial products you have to agree to a code of practice and will be checked to make sure you are solvent. Ultimately would you want to take potentially life changing financial advice from someone who can't even pay their bills on time?

GingerBob_3

m4rc wrote: »

If you want to sell financial products you have to agree to a code of practice and will be checked to make sure you are solvent. Ultimately would you want to take potentially life changing financial advice from someone who can't even pay their bills on time?

But that has nothing to do with the point I was making. To reiterate; how do "non-closed-group" organisations access credit-related data on the CRA's files about you? (as others have said above - maybe they can't).

GingerBob_3

Pixie5740 wrote: »

There are lots of professions and jobs where potential members of staff and current members of staff need to be credit checked. These credit checks aren't the same as a lender credit check but certain employers do need to know that you are solvent. Employees who handle large sums of cash, are involved in large financial transactions, solicitors, those with access to sensitive government information. or sensitive corporate information, directors, to name but a few. The employment checks are only seen by you on your credit file as they are unrecorded enquiries.

How do they find out?

Thrugelmir

m4rc wrote: »

If you want to sell financial products you have to agree to a code of practice and will be checked to make sure you are solvent. Ultimately would you want to take potentially life changing financial advice from someone who can't even pay their bills on time?

Or who has been declared bankrupt recently.

10pence

GingerBob wrote: »

But that has nothing to do with the point I was making. To reiterate; how do "non-closed-group" organisations access credit-related data on the CRA's files about you? (as others have said above - maybe they can't).

Normally sign a waiver/permission allowing them access to the credit report, akin to getting a CRB check.

I'd be weary of a company insisting I had to get the check completed for them as previous employers that have needed always carried it out, plus you can see their DPA rules too. This data is then only accessed by HR or any relevant persons and not all staff as is in secured personal file.
Last bank I worked for we had to do this annually at management level and below that they insisted staff informed them of financial difficulties as it could impact employment; it rarely did even with a bankruptcy the bank just monitored your access more.

GingerBob_3

10pence wrote: »

Normally sign a waiver/permission allowing them access to the credit report, akin to getting a CRB check.

I'd be weary of a company insisting I had to get the check completed for them as previous employers that have needed always carried it out, plus you can see their DPA rules too. This data is then only accessed by HR or any relevant persons and not all staff as is in secured personal file.
Last bank I worked for we had to do this annually at management level and below that they insisted staff informed them of financial difficulties as it could impact employment; it rarely did even with a bankruptcy the bank just monitored your access more.

But that has nothing to do with the point I was making. To reiterate; how do "non-closed-group" organisations access credit-related data on the CRA's files about you? (as others have said above - maybe they can't).


You seem to be saying that non-closed-group organisations can have full access to CRA files?

m4rc

GingerBob wrote: »

But that has nothing to do with the point I was making. To reiterate; how do "non-closed-group" organisations access credit-related data on the CRA's files about you? (as others have said above - maybe they can't).


You seem to be saying that non-closed-group organisations can have full access to CRA files?

Why do you think they can't see the info? They are regulated by the FSA and it's essential that the people they employ have a good financial standing, it makes complete sense (to me anyway) that they can check you are indeed able to pay your bills and not bankrupt. You have to sign to agree to it, I did it years ago and got in a spot of bother when they found I need I couldn't pay my bills, so I wasn't allowed to recommend any financial services / products and I would instead introduce them to a colleague and share their commission.

I'm pretty sure that woo ut permission and need (you give them permission and the need is obvious) they can't carry out any checks. The thing is, we want well regulated financial services, we already moan they are bad, I think it's great that they are forced to check the financial credibility of everyone applying to work in the sector. I have a few friends who have lost very well paid jobs because they got into debt, they really don't muck about with this stuff, if you are not squeaky clean you are out, it can wreck lives.

I know the next question, and yes I'm sure some people and companies will not follow the procedures and there are probably people with really bad debts working in the sector, I guess the alternative is that they just don't bother checking anyone then, let anyone and their dog advise and sell, I'm sure we wil be worse off but it may please some people.

I like that we have checks in place for certain sectors, certain roles, I like that people working with out children are checked for criminal records, I like that people who care for us in hospital undergo regular retraining and assessments, and I like that people who look after our money are checked for money problems.

Could someone so,we here check your records when they shouldn't be able to? Yea probably, it's not MI5, but again the alternative would be !!!! it all down and have a complete free for all where nobody is checked for anything I guess.