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What Candidates Need to Know About Financial Background Checks.

Date Published: February 01, 2023 | Last Updated: February 16, 2024 | By Jessica Veal
If you’re currently undergoing pre-employment screening, you can be sure that your future employer wouldn’t be taking you through this process unless they really wanted to work with you. However, this can be an unclear time, with many extended requirements being asked of you.

Standard pre-employment screening packages comprise of several individual services, giving hiring managers a holistic view of a candidate.

In this blog, we’ll talk through Financial Background Checks specifically. These are a standard part of the pre-employment vetting process, and a core background screening service. Finances can be a difficult point of conversation for many, whether they’re going through the screening process or not. However, its important to understand that these such checks can be totally necessary for the role you’re applying for, and are not personal to the applicant.

Read on to find out more about financial background checks and how they work, and how they factor into the overall screening process for candidates.

What are Financial Background Checks?

Also referred to as financial integrity checks or civil litigation checks, these reveal any county court judgments (CCJs), bankruptcies, individual voluntary arrangements (IVAs), decrees and sequestration orders for the job applicant. The check generally spans the last six years — the maximum time county court judgments (CCJs) remain publicly available.

What is an international financial integrity check?

An international credit/financial integrity check covers the same ground as a UK credit check — bankruptcy, insolvency, and civil litigation — but draws on international information sources. The availability of information varies from country to country, but Accurate is well placed to access the best sources for all major jurisdictions through credit reporting agencies and partners.

Why do an International Financial Integrity Check?

This credit/financial integrity check ensures a fair and consistent approach to the screening of candidates who have lived and worked overseas and for whom a UK financial integrity check may not reveal complete information.

Why do a Financial Background Check?

An assessment of an individual’s credit check/financial standing is in some instances regulatory or legal requirement. In other instances, a financial integrity check forms part of a broader assessment of the individual’s suitability for their role and responsibilities.

Do background checks look at your bank statements?

As part of our UK financial integrity checks we will not ask candidates to provide bank statements.

Does a credit check for employment appear on your credit report?

Financial checks will be run against publicly available records, for example, county court judgment records and bankruptcy filings and orders. These checks do not involve looking at an individual’s credit score. They leave a “soft footprint” on an individual’s credit record which has no effect on the credit score.

How does the screening process work for candidates?

To start the process, HR will select which checks they require us to carry out. These can range from credit checks to criminal record checks, and from employment checks to education checks.

All our services are designed to help employers vouch for the honesty and experience of their employees, protect the security of data and systems, and comply with professional standards.

Once your tailored screening has been initiated, you’ll receive an online screening form and you’ll be asked to authorise us to begin the screening process. You’ll only be asked to provide information relevant to the specific screening requirements for the job you’re applying for.

Responding to the questionnaire promptly will allow us to complete your employment screening checks quickly and effectively. Once this is returned, our teams will work with you to ensure your answers are verified. They may also come back to you to explore some of your answers further, in order to confirm them.

At the end of the process, we provide your employer with a report, which allows them to complete your onboarding.

How do you pass employment screening?

Our top tips for undergoing pre-employment screening quickly and effectively are:

  • Complete and submit your online questionnaire and declaration promptly.
  • Provide full and accurate details throughout the screening process.
  • Respond promptly to any requests for additional information
  • Provide clear, legible copies of any documentation requested.
If you’re curious about the pre-employment screening experience as a whole, take a look at our helpful FAQs page, specifically designed with candidates in mind.