Summary of Financial Background Checks Provided

Services to investigate the financial background of individuals resident in the UK.

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A wide range of checks can be carried out by a credit reference agency on an individual to investigate their financial background with respect to employment, tenancy, or commercial contracts. Before requesting an investigation there are some key facts to understand.

BEFORE REQUESTING AN INVESTIGATION

  • One of the most fundamental steps to initiating an investigation is establishing the identity of the individual. This should always include a photo ID check so that you can physically match the person against the ID they have provided, ideally this should be a passport.
  • The next step is to establish their address history. Ask the individual to provide documents to support their UK address(es), documents such as a council tax bill, utility bill, bank statement, or other official letter.

UNDERSTANDING THE TYPE OF INVESTIGATION TO BE CARRIED OUT

  • Firstly, when any check is carried out a marker is left on the credit file of the individual concerned. The marker will not affect their credit rating, the purpose is to allow the individual to see when a search has been carried out, for what purpose, and who carried out the search.
  • Example categories of searches we generally carry out are employment check, tenant check, and consumer check. The type of search requested will be recorded on the individual's credit file. Links to each of these searches and the type of data provided are below:

Employment financial background checks. This search is used for most types of employment including FCA (FSA) regulated employment and security services. The level of screening provides identity confirmations, credit history covering CCJs, bankruptcy, IVAs, sequestrations, debt management orders, and HM treasury sanctions.

Tenant financial background checks. These checks are tiered from the base level of court checks for CCJs etc through to referencing with the previous landlord or letting agent. Risk scores are also provided to help assess a tenant's ability to meet payments.

Consumer financial checks. Provides a range of checks from CCJs though to overall risk scores to help evaluate a consumer's ability to repay debts.

  • There are also bespoke searches such as anti-money laundering checks, these services can only be provided for very specific situations and are subject to further data protection controls.

CARRYING OUT THE INVESTIGATION

  • Before requesting an investigation it is a legal requirement that the individual has provided their permission. The agreement can be verbal or in writing but it MUST be given before requesting the investigation.
  • It is also vitally important that any credit reference agency carrying out these investigations conducts a linked address search. This requires a degree of skill to identify links and then search further and deeper to help ensure that any adverse data is found - should it exist. Credit Check Services always carries out this type of search, if you use any other company you should insist on the same high standards.
  • Searches can be requested online (once an account has been set up). To set up an account with Credit Check Services it only takes 2 minutes ....

http://www.credit-check-services.co.uk/register.asp

 


Credit Check Services is a leading UK company that specialises in screening people for employers, landlords and third parties. For more information about our services please call 01992 719 234