Employment Credit Report

MicroBilt's selection of Employment Credit Reports offers you an important set of tools for assessing an applicant for a position that requires a history of financial responsibility.

MicroBilt's Employment Credit Reports from Experian, Equifax and TransUnion are tailored for use in employment screening and differ from traditional credit reports. An Employment Credit Report does not include scores or account numbers, and an Employment Credit Report inquiry does not affect an applicant's credit score.

When Do I Use an Employment Credit Report?

An Employment Credit Report is used to enhance a traditional employment decision by providing credit information that would not normally appear on an application but may have an impact on job performance.

Employers can utilize the Employment Credit Report to verify that an applicant is responsible and reliable or to confirm an applicant's identity. Some employers use this credit report for employment to assess whether an applicant is a person who can manage his or her affairs or if the applicant's monthly debt payments are too high for the salary involved. Other employers limit Employment Credit Reports to management and executive positions or to positions that have access to cash, assets, a company credit card, or confidential information. Employers are well advised to run an Employment Credit Report on bookkeepers or others who handle company funds.

What Type of Information is on the Employment Credit Report?

Credit information provides insight into an applicant's responsibility toward his or her obligations, integrity and ability to fulfill financial obligations. The Employment Credit Report includes the applicant's credit history, providing an objective overview of how financial obligations are handled over a period of time. An Employment Credit Report typically contains the following types of information:

• Name, Social Security Number, current and past addresses
• How persons pay their debts – credit cards, personal loans, car loans, student loans, and mortgage
• How much credit a person has been given
• How much is currently owed
• Late payments and collections
• Number of inquiries
• Public records such as court judgments, liens and bankruptcies(Negative information will stay on a report for seven years, and bankruptcies stay for 10 years - although there are limitations to using a bankruptcy in an employment decision)

An Employment Credit Report uses a special reporting format that leaves out account numbers, credit risk scoring and age.

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