Credit Checks in Bank Recruitment

IzzyInd

Hi there,

I have been offered a new job with a major bank in their payroll department, however this is subject to credit and security checks. My credit isn't great due to issues I had in the past however I am not and have never been bankrupt and have never had a CCJ. Has anyone had any experience with this? It's an admin job so I'm not sure how stringent the checks are. I'm holding off on handing in my notice at my current job until I hear but I'm very nervous that this will cause me to be rejected.

Thanks

MABLE

IzzyInd wrote: »

Hi there,

I have been offered a new job with a major bank in their payroll department, however this is subject to credit and security checks. My credit isn't great due to issues I had a couple in the past however I am not and have never been bankrupt and have never had a CCJ. Has anyone had any experience with this? It's an admin job so I'm not sure how stringent the checks are. I'm holding off on handing in my notice at my current job until I hear but I'm very nervous that this will cause me to be rejected.

Thanks

About 20 years ago I got a job working for Lloyds Bank and they did a credit check on me. I was advised it either comes back with a pass or fail and no other information than that.

[Deleted User]

It will be identity and money laundering checks.

If you've never had a CCJ then you have nothing to worry about either

T-G-C

The credit check is standard practice for a role within a financial institution. This is to ensure, especially being involved with the handling of monies, that the risk of dishonesty offending within the business is under the acceptable threshold.

This risk is assessed using a combination of data, varied per organisation, including but not limited to; publicly available records, information retrieved from credit reference agencies and fraud prevention agencies alike. In most cases, this check is computer-based and will make the decision automatically with either a PASS, REFERRED or FAIL - similar to the application process for credit. Manual review may be required in cases where information is identified that requires human inspection or there is insufficient information required to make an automated decision.

Generally, the credit checks are not of concern, provided you do not have unusually high debt and evidence of financial stress such as CCJs, IVA's, defaults or similar. The security checks are not of concern unless you have a criminal record; are on the CIFAS database under a fraud category (excluding victim protection) or anything else that might flag up negatively against you.

Although the checks themselves are industry practice during employment into such a role, each organisation has different internal policies and expectations which cannot be explained in black and white. Good luck with everything and I hope that it all goes smooth!

Shakin_Steve

I know I shouldn't........but....I wonder if credit checks are run on the people in India, who have access to all of your financial details.

[Deleted User]

IzzyInd wrote: »

My credit isn't great due to issues I had in the past however I am not and have never been bankrupt and have never had a CCJ.

It's no bar after a certain time (especially when you've done the time)
6 years I had akin to bankruptcy showing and have not in the past issues but can get a credit card for 18% now as opposed to the one time offering of 49%, two months after the big drop off I'm over the first month in an FCA regulated industry, who invest to much in recruitment or the background checks to be escorting me or anyone else out without having their patience of a saint tested!

I've no idea why people panic solely about credit and think it's simply measured on that alone... Far from, Ohhh, "people with not the greatest credit file being escorted out of the building" it turns out I was one of few people able to complete the screening application without the need for assistance (not joking) and we've had training extended as people are still to complete as one of the many suspected reasons - really wouldn't think how they score it. Honesty gets you a long way and getting over your fears is all I'm going to say.

[Deleted User]

I had bankruptcy registered 4 years ago and am now working in Finance (lending risk).

I think it depends quite significantly on the employer as stated above. They DO however get full records from whatever CRA they are registered with.

E.g. if they use Equifax in their lending, they'll run your details through Equifax. I saw them pull 2 soft searches the day after I sent my screening questionnaire back.

They then went quiet for a week or two.

HR told me it's partly an "integrity test" - there are many ways to try and hide adverse credit, even as adverse as bankruptcy. I mentioned it in the interview (but not in detail) and during screening. Never expected to actually be allowed the job with it being so recent, but gave personal references, proof of savings etc.

I understand the phrase "credit check" is scary - I remember panicking years ago when all I had was high Credit Card balances! - but with no defaults or public info (BR/CCJ/DMP etc) and no CIFAS, I'd be amazed if it was a no.

Bear in mind that the checks a bank do (which are often full checks) are very different to those that an Estate Agency do (where you'd fly through, as they can't see credit information, only BR/CCJ etc)

Also - I presume I'd still struggle in an "FCA Certification Regime" role (e.g. senior maanger/mortgage advisor etc) - but as time passes even that is possible, it's (partly) up to the company to make the case for you. Admin etc wouldn't fall under this section.