Compliant Credit Reporting for Sensitive Applicants
Credit reports are ordered for specific job titles that are fiduciary or executive in nature. Employers who are hiring applicants in these positions want to ensure that the person who they hire can be trusted to work with highly confidential information, which includes company financial statistics and data.
When a pre-employment credit report is run on an applicant, their FICO score will not be included, since a background check is different from a credit report that’s being checked for issuing actual credit. Requesting a credit report for a pre-employment screening is sensitive in nature and is usually only accepted for specific positions.
Positions for which a credit report can be requested include:
- Manager or higher
- Employee of CA Department of Justice
- Police/law enforcement
- If required by law
- Has access to banks, credit card, or PII information
- Is a signatory authority
- Authority to sign contracts
- Has access to confidential proprietary information
- Has regular access to $10k or more in cash
- Position with a bank or credit union
- Accounting supervisor
DISA’s Credit Report Process
Credit reports are ordered and conducted separately from background checks and must abide by state laws. Depending on the state restrictions, availability and use of credit reports vary. When conducting a credit report, DISA will do the following:
- Ensure there is a signed consent from the applicant
- If not available, the backgrounds team will request a copy of the applicant’s signed authorization
- DISA processes credit reports through TransUnion
- Acknowledge consent
- Document TransUnion’s results into our proprietary online platform
- TransUnion charges a fee for accessing their system, which will be charged to the customer in addition to DISA’s employment product fee
DISA’s Credentialing Process
DISA ensures the accuracy of all the information collected with the reports by following a thorough process to verify the validity of the companies who are requesting the credit reports.
- If credit reports are requested, the minimum turnaround time is 7 business days. Both non-publicly traded and publicly traded companies must complete the forms in their entirety, and must include signature and date with all documentations returned and received.
- A request for an onsite inspection has been placed for non-publicly traded clients
- With the request, an email notification is submitted to the client that an inspector will be contacting them to arrange an appointment for an inspection.
- If the inspection is delayed for any reason further actions in completing the credit report setup will also be delayed.
- After receipt of onsite inspection report it may take an additional 48-72 hours.
- An email notification is submitted to the client once they are active to run Credit Reports.
DISA offers customized background screening services to meet your industry and company needs.
For more information on conducting credit reports contact 1-800-752-6432