Credit Report

Turnaround Time: 2 - 4 hours

The Credit Report provides details regarding an applicant’s current and previous debts, payment history, bankruptcy records, lien and judgments, and current financial status. Credit reports for employment purposes will not have a credit score indicated, and it is a “soft hit” meaning it will not affect your applicant’s credit rating.

In this age of identity theft, consumers may have placed a “security freeze” on their credit history because of prior theft problems. This means that the consumer will have to contact the credit bureau and have the freeze temporarily “lifted” so a credit report may be obtained by the background screening company.

Did you know

Consumer credit reports are legally permitted when conducted in compliance with federal and state laws and regulations; however, their use in employment decisions has steadily declined. An increased focus on privacy coupled with the economic challenges many have faced over the last decade has contributed to an environment where many argue an individual’s credit has limited impact on his/her qualifications for a specific job. Additionally, there are several jurisdictions –on the state and local level – that prohibit the use of credit information in employment decisions unless a specific exemption applies, and a few jurisdictions that require specific language on the disclosure and authorization form (such as California). Please contact your account manager for educational information regarding these laws.

Recommended for

A credit report can be an important indicator of financial responsibility for employees with fiduciary or cash handling responsibilities, access to expensive equipment, other people's property or otherwise placed in a position of financial trust.

Sources

TransUnion

Turnaround Time

2 - 4 hours

Information Required

  • Applicant Information – Name and Date of Birth
  • Applicant AKA – Additional names that an applicant’s record might be filed under (maiden names, nicknames, etc.)

Results Guidelines

Consumer credit reports may include: current and previous debts, payment history, bankruptcy records, previous residency history, and current financial status. Credit reports for employment purposes do not include a credit score and are considered “soft” inquiries meaning there is no impact to an individual’s credit rating. To access credit history information, clients are also subject to additional requirements such as an onsite inspection and thorough vetting requirements. When conducting a credit check for employment purposes, we recommend evaluating if there is a clear relevancy between the credit information and the position’s duties and responsibilities. Further, we recommend consultation with qualified legal counsel for all employment law matters.

Potential Outcome (Result)

Complete: Report was returned to requestor
Missing Information: Information required to complete the report is missing from the order. Info Cubic can reach out to you for assistance, or to the candidate directly using our Applicant Connect product. Call us at 1-888-925-0922 for more information.

Sample Report

Credit (Employment) Report    COMPLETE 
       
TRANSUNION EMPLOYMENT CREDIT REPORT FOR:   USER REF: 
                                           DATE REPORT PRINTED:   11/01/2017 
 EAF789456123 BUREAU: 10                   CENTRAL STANDARD TIME: 12:20       
                                           IN OUR FILES SINCE:    06/2012     
                                                                               
 SUBJECT NAME:                                                                 
   DOE, JANE                                                           
 ALSO KNOWN AS:                             SOCIAL SECURITY NUMBER: 000-00-0000
   DOE, JANET                               PHONE:                  575-555-1212
 CURRENT ADDRESS REPORTED: 01/2017                                             
  123 MAIN ST. ALBUQUERQUE, NM 87101                                       
                                                                               
 FORMER ADDRESS REPORTED:   06/2016                                             
  456 SOUTH ST. ALBUQUERQUE, NM 87101                                               
                           
 EMPLOYMENT DATA REPORTED:                                                     
 ABC COMPANY                                                         
 POSITION: SALES REPRESENTATIVE                                         
 DATE VERIFIED:05/2015                                                       
   
                                CREDIT INFORMATION                               
 -------------------------------------------------------------------------------
 SPECIAL MESSAGES:                                                             
 ***ADDRESS ALERT: CURRENT INPUT ADDRESS DOES NOT MATCH FILE ADDRESS(ES)       
 ****HIGH RISK FRAUD ALERT:CLEAR FOR ALL SEARCHES PERFORMED***                 
 -------------------------------------------------------------------------------
 THE FOLLOWING CREDIT SUMMARY REPRESENTS THE SUBJECT'S TOTAL FILE HISTORY:     

 PUBLIC RECORDS:    0      CURRENT NEGATIVE ACCTS:  1      REVOLVING ACCTS:    0     
 COLLECTIONS:       2      PREVIOUS NEGATIVE ACCTS: 0      INSTALLMENT ACCTS:  1     
 TRADE ACCTS:       1      PREVIOUS TIMES NEGATIVE: 0      MORTGAGE ACCTS:     0     
 CREDIT INQUIRIES:  3      EMPLOYMENT INQUIRIES:    2      OPEN ACCTS:         0     
                                                                               
               HIGH CRED   CRED LIMIT   BALANCE      PAST DUE   MNTHLY     AVAIL
 CLOSED W/BAL:                          $11.1K       $9000      $350           
 TOTALS:       $0          $0           $11.1K       $9000      $350           
 -------------------------------------------------------------------------------
 THE FOLLOWING ITEMS ARE FOR COLLECTION RECORDS:                               
                                                                               
   ABC CREDIT                 Y 123456          OPEN ACCOUNT                   
   ACCT INFO DSP BY CSMR                        COLLECTION AGENCY/ATTORNEY     
    VERIF'D  11/2017   BALANCE:    $1000        INDIVIDUAL ACCOUNT             
    OPENED   02/2017   MOST OWED:  $1000        10 CONSUMERS ENERGY             
                       PAST DUE    $1000                                         
   STATUS AS OF 11/2017  COLLECTION                                             
                                                                               
   CREDIT BUR                Y 234567          OPEN ACCOUNT                   
   PLACED FOR COLLECTION                        COLLECTION AGENCY/ATTORNEY     
    VERIF'D  11/2017   BALANCE:    $100         INDIVIDUAL ACCOUNT             
    OPENED   06/2015   MOST OWED:  $100         MEDICAL                         
                       PAST DUE    $100                                         
 
 -------------------------------------------------------------------------------
 THE FOLLOWING ACCOUNT INFORMATION IS PRINTED IN ORDER BY MOST NEGATIVE MANNER 
 OF PAYMENT (MOP) AND DATE MOST RECENTLY UPDATED.                               
                                                                               
   AMER HONDA                Q 789456           INSTALLMENT ACCOUNT             
   REPOSSESSION                                 AUTO LEASE                     
    VERIF'D  06/2017   BALANCE: $22456          JOINT ACCOUNT                   
    OPENED   05/2015   MOST OWED:  $9000        PAY TERMS: 36 MONTHLY $350     
    CLOSED   05/2017   PAST DUE:$9000                                             
   STATUS AS OF 05/2017  REPOSSESSION                                           
 -------------------------------------------------------------------------------
 THE FOLLOWING COMPANIES HAVE REQUESTED A COPY OF THE SUBJECT'S CREDIT REPORT: 
                                                                               
   DATE         SUBCODE     SUBSCRIBER NAME                                     
                                                                               
   03/20/2017   98765432    ABC CREDIT                                           
   02/11/2016   12345678    BOBS CREDIT                                             
   10/14/2015   B3293320    AMEX                                       
 -------------------------------------------------------------------------------
 THE FOLLOWING COMPANIES HAVE REQUESTED A COPY OF THE SUBJECT'S FILE FOR       
 EMPLOYMENT USE:                                                               
                                                                               
   DATE         SUBCODE     SUBSCRIBER NAME                                     
                                                                               
   11/01/2017   E4567891    ABC COMPANY                                       
   04/01/2016   E9876543    XYZ CAPITAL                                       
 -------------------------------------------------------------------------------
 EMPLOYMENT CREDIT REPORT SERVICED BY:                                         
                                                                               
 TRANSUNION                                                                     
 2 BALDWIN PLACE, P.O. BOX 1000                                                 
 CHESTER, PA 19016                                                             
 800-888-4213                                                                   
 CONSUMER DISCLOSURES CAN BE OBTAINED ONLINE THROUGH TRANSUNION AT:             
      HTTP://WWW.TRANSUNION.COM                                                 
                                                                               
                             END OF TRANSUNION REPORT                           

       

FAQ

Q: No information was provided on the Credit report due to a Security Freeze on the applicant’s account. What does this mean?

A: Individuals may place a security freeze, or “credit freeze” on their credit in order to restrict access to their credit report, which makes it more difficult for identity thieves to open new accounts in their name.  The applicant may temporary lift the freeze in order to allow us access to their credit report. It is important to note that we cannot obtain any credit information until the applicant has taken the appropriate steps to lift the freeze.

 

For further details call us today at 1-888-925-0922

The Cube Feature

The Cube has several safety nets to ensure credit reports are not made available to customer or end users that do not have proper authorization to order credit history. That includes an account level setting that enables ordering credit searches plus some configuration steps to enter the proper codes specifically assigned to that client.

When a Credit Report is ordered, Info Cubic will make available the actual details of the credit report. Credit reports for employment purposes do not include a credit score and are considered “soft” inquiries meaning there is no impact to an individual’s credit rating.

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