How exactly does a credit agency / finance agency check your employment?

CreditCardChris

I've always wondered this, when you apply for a loan or credit cards your information is passed to a credit agency who "verify" it but how do they actually verify you work where you say you work? Do they actually ring up your employer and ask if you work there? If they do that sounds very unprofessional because you might not want your employer to know you're taking out credit or whatever.

Pretty sure they don't do that though because they must get thousands of requests a day and obviously they're not going to ring up every applicants employer, if they even do for any applicants.

[Deleted User]

Very occasionally they will contact your employer - more often in the sub prime market.

Generally it's policed via inconsistencies with other data sources - eg applicants who last month were earning £15k at Lidl, and are now earning £80k at PWC.

CreditCardChris

Deleted_User wrote: »

Very occasionally they will contact your employer - more often in the sub prime market.

Generally it's policed via inconsistencies with other data sources - eg applicants who last month were earning £15k at Lidl, and are now earning £80k at PWC.

So if your credit history is in decent standing, your financials are consistent and all your personal information is correct they probably won't contact my employer?

[Deleted User]

It's very rare they would contact your employer.

Is there a particular reason why you're asking this?

CreditCardChris

!!! wrote: »

It's very rare they would contact your employer.

Is there a particular reason why you're asking this?

Personal reasons, I just don't really want my employer to know I'm applying for credit. Makes me appear desperate for money or something.

[Deleted User]

CreditCardChris wrote: »

Personal reasons, I just don't really want my employer to know I'm applying for credit. Makes me appear desperate for money or something.

It's none of your employers business what you do financially, unless you work in the finance sector.

JuicyJesus

CreditCardChris wrote: »

Personal reasons, I just don't really want my employer to know I'm applying for credit. Makes me appear desperate for money or something.

I wouldn't worry to be honest. Employers being contacted is rare, and frankly borrowing money is such a routine transaction that no employer will really care. Even financial institutions won't really care until and unless you default.