The Data:
According to The Association of Certified Fraud Examiners…
U.S. businesses will lose an average of 5 percent of their gross revenues to fraud.
42 percent of those who commit occupational fraud were living beyond their means. Candidates with a clean criminal record may still pose a serious threat to your organization if they are carrying massive financial debt.
21 percent of fraud cases resulted in losses of $1 million or more.
Ensuring Compliance
Background screening companies are not allowed to divulge credit scores of a candidate for employment purposes per the FCRA. In addition, there are a number of other regulations, that if not observed, can lead to costly litigation. Some of these regulations are to be followed by the background screening provider while others are to be observed by the employer. At Peopletrail, we bear the burdens of both parties, working to ensure our compliance as well as that of our clients. Through knowledge, expertise, education, and diligence to the observance of applicable laws, we have garnered a reputation as one of the most compliance-focused background screening companies in the industry.
Financial Background Checks vs Credit Checks
While a credit score serves as a general financial metric, it tells an incomplete story. In reality, a credit check can be valuable, but not nearly as valuable as a full financial background check. When it comes to financial screening for employment, a credit score is not provided. However, more in-depth information can be found such as:
- Bankruptcy Information
- Leins/judgments
- Past-due balances
- Percentage of available credit
- Highest credit extended
- Balances
- More
Such information works to paint a full financial picture— an important thing when hiring for accounting or other finance management roles. Many providers retrieve surface data and pass it off as a comprehensive report. Peopletrail procures the information you need to make challenging hiring decisions.
Our Process
Trust Peopletrail with
Your Financial Screening for Employment
Hire professionally-screened employees and mitigate the risk of fraud within your organization. Peopletrail is here to help you with financial screening for employment, customizing the right solution for your needs.
