A comprehensive review of a potential hires’ credit history will take some of the risk out of hiring a new employee. While there is no completely risk-free method of hiring someone, one way to eliminate some of the risk is to conduct some exacting due diligence. The increased use of credit reports in people background checks is due the surge in consumer fraud, the rising rate of home foreclosures and the ever declining job market.
Over the course of the last several years, the number of cases of identity fraud has continued to rise at a shocking rate. Criminals steal the names, dates of birth and social security numbers of other people, and then once they have this information, the criminals will sell it to others who are not legally able to work in America. This fraudulent use of another person’s personal information is a crime that creates numerous victims. In 2011 alone, roughly speaking 11.6 million adults became a victim of identity fraud in the United States, at a cost to the economy of approximately $54 billion. Because many instances of identity theft go unreported, the numbers are likely to be even higher. A detailed credit report, conducted by a trustworthy firm, will be able to alert hiring professionals to this type of criminal activity.
Reviewing the credit history of potential hires is a necessary evil. There are too many documented cases of people using aliases and or the personal information of others and going to work for banks, law firms, and public entities. The most effective way to reduce the inherent risk in hiring someone is to verify the claims made on their resumes, contact their references, and hire a firm to conduct a credit check. A good credit check is always a sound investment.
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