The Importance of New Employee Credit Screenings
Why should you consider a job candidate’s credit information? Financial patterns and habits shown in a credit screening could indicate a candidate’s fitness for the job. Getting a more complete picture of your applicant’s financial background can help you better determine if there is a risk. You may decide to have a higher standard for applicants who will be regularly handling money, and a credit screening can be useful in determining the financial worthiness of your applicant.
According to a CareerBuilder survey, the cost of the wrong hire can add up to at least 30% of the individual’s first-year earnings. To avoid this costly hiring mistake, it’s crucial that employers look at:
- Collections Action
- Current Debt
- Civil Suits
- Federal Liens
Finding all this information is time consuming and tedious. The good news is CIC Screening specializes in providing employers and HR professionals with the information they need to make a good hiring decision. CIC Screening provides reports from national credit bureaus, in an easy to read format with the summary of information on the applicant’s financial history. This allows you to easily assess financial risk. CIC Screening includes account types, payment histories, federal liens, collection actions, bankruptcies, judgments, civil suits and current debt. The records are reported instantly, which means you have the information at your fingertips quickly allowing you to make an informed decision about your candidate.
Knowing as much as possible about an applicant’s background and credit through CIC Screening helps you determine if the candidate meets your hiring criteria. Interviewing a potential candidate is a great way to understand their job experience and whether they’ll fit in with your business culture. However, verifying records and using objective data when making hiring decisions is essential to protecting your company in the long run. CIC Screening has a proven track record, the technology, and the expertise to assist you with your hiring goals.