If your employees will be handling cash, securities, payroll, or bank deposits, you may want to consider running a credit check on any employees or applicants as part of your employment screening process. Credit reports can be a valuable tool for assessing applicants who may occupy a position where business needs dictate a history of financial responsibility.
In addition to pointing out credit histories, bankruptcies, and other details, this report can also provide information about previous addresses and employment, dates of employment and wage details, civil suits, and other information of public record. This report is designed to give an employer the pertinent information needed to help make quick, consistent decisions.
Credit information is highly sensitive. In order to protect candidate and employee privacy, we help businesses meet various legal eligibility requirements. It is a violation of federal law to order and use this employment screening credit report for any other purpose than background screening. Please learn about your state’s law regarding the use of credit reports in the employment process.
To comply with federal laws as outlined in the Fair Credit Reporting Act (FCRA), a LaborChex release must be signed by the applicant to obtain a credit report. There are also very specific regulations regarding the use of credit reports for employment screening.
Employers must complete a one-time credentialing process to meet specific legal requirements. The process generally takes 1- 3 days. If an on-site inspection is required to verify that your business is eligible to run employment credit checks, you’ll pay a one-time fee of $30.00. After that, simply add credit checks to any LaborChex background check for just $16.95 each.
Contact LaborChex to run a credit check on any employees or applicants as part of your employment screening process.