Background check to get entry position in banking (insurance, bad credit)

[VRE332]

they're probly going to check with 3 of the credit bureaus, legal history and drug use. I would imagine if you are clear from any credit matters, you should be fine. Put yourself in their shoes, and if you were a bank, would you hire someone to handle money who has been convicted of robbery or theft, or has pending court cases?

[tanyaru]

Originally Posted by VRE332

they're probly going to check with 3 of the credit bureaus, legal history and drug use. I would imagine if you are clear from any credit matters, you should be fine. Put yourself in their shoes, and if you were a bank, would you hire someone to handle money who has been convicted of robbery or theft, or has pending court cases?

I wouldn't and I'm clear of that. In regards to the credit history... I have good credit (always on time) but I do have some debt. Is that going to be a problem??? Should I try to pay off whatever I can now before applying??? or good credit is going to do?

And thank you so much for your reply.

[oleo]

They don't care if you have debt. It's the number of late payments.

If you have 10 late payments on your credit card, this will bring your score down and will show employers that you are either not mature or financially irresponsible.

Do you have any late payments?

[VRE332]

Originally Posted by tanyaru

I wouldn't and I'm clear of that. In regards to the credit history... I have good credit (always on time) but I do have some debt. Is that going to be a problem??? Should I try to pay off whatever I can now before applying??? or good credit is going to do?

And thank you so much for your reply.

Most people have credit card debt, so don't worry about that. The bank is probably looking for suspicious activity that would put their business at risk.

Examples of red flags would be If you're doing massive wire transfers to Africa, or if you also owe money to the IRS that has not been paid, or owe back alimony.. etc.

The bank might do the background check before they offer the job to you. So, don't leave your current employer until you hear about the results.

[tanyaru]

Originally Posted by oleo

They don't care if you have debt. It's the number of late payments.

If you have 10 late payments on your credit card, this will bring your score down and will show employers that you are either not mature or financially irresponsible.

Do you have any late payments?

Nope... well maybe one or two 4 years ago when I got my first credit card But they don't show up on my credit report...

[tanyaru]

Originally Posted by VRE332

Most people have credit card debt, so don't worry about that. The bank is probably looking for suspicious activity that would put their business at risk.

Examples of red flags would be If you're doing massive wire transfers to Africa, or if you also owe money to the IRS that has not been paid, or owe back alimony.. etc.

The bank might do the background check before they offer the job to you. So, don't leave your current employer until you hear about the results.

Thanks!!! Things definetely look more clear now.

[slduvall]

Most companies will do the background check after they downselect and conduct interviews, work up an offer and then you accept. Otherwise it would cost too much to check every applicatant. There is usually something you will sign etc that says job offer contingent upon successful completion of background check etc. The other types of background checks mentioned SF 86, OPM etc are for governemnt jobs that require a clearance and most likely won't apply. Those are completed after you have been hired.

[anonymous1111]

question - i got a job offer strictly from my resume and interview - i have not been asked to fill out an application, the thing is i left a job off of the resume, and they are doing a consumer report background check... am i gonna be in trouble??? i really need this job!!!

[slduvall]

Originally Posted by anonymous1111

question - i got a job offer strictly from my resume and interview - i have not been asked to fill out an application, the thing is i left a job off of the resume, and they are doing a consumer report background check... am i gonna be in trouble??? i really need this job!!!

First off..congrats on the job. And it will/can really depend on the type of job you LEFT OFF the resume...and why. And also the type of job you are currently in. If it had absolutely no relevance to your current job you can simply state as much. If it was recent, that will of course raise an eyebrow or two. Have you started in the current job? Have you been asked to fill out an application or just been offered the job? The credit check is simply that, some companies will do much more, check salaries etc, but those are/can be bigger companies and/or jobs where security clearances, bonding etc are at stake.

Sometimes it is the appearance to defraud (so to speak) that they are looking for. If you are new to job market, there is/should be a little bit of common sense from a company ( you didn't think the other job was relevant...etc) but some companies use that sort of stuff as a way to weed out the applicants they don't want. And remember you are most likely in a probationary status for a little bit, that can vary company to company. If it a small company and you feel comfortable with the staff you might want to mention the "other job" but if everything else is going good, I would recommend waiting and see the results, but if it is discovered, based on the type of check then I would be prepared with an answer. If it was simply not revelent and your work standard is above what they expect, then I would hope common sense would prevail. Good luck

[slim04]

Originally Posted by slduvall

Example: applicant listed previous salary, didn't include a relocation package of app. $5000. That showed up on tax background check. He listed his salary as less, vs claiming more in order to get more etc. You wouldn't think that was an issue. But it was huge in the eyes of the recruitment staff.

I guess I'm confused. Are you saying that some person listed their income higher on a job application versus their tax return?

Because if so, this is very common. Your gross income in your tax return is net of your tax-exempt deductions like health insurance, life insurance, retirement plans, ESOP's, etc. That stuff could be as much as 1/3 of your gross salary. So it's not really inflating your income, as your tax income is always less than your real income.

Anyways, I've never had an employer ask for my tax return and your tax return information is supposed to be private unless the IRS receives a subpoena or they refer you to the Dept of Justice for tax evasion. So I really doubt that this would be an issue for most people.

Also, why would anyone list relocation package as part of their salary? It's not salary, it's a one time payment to reimburse you for expenses related to your move. I think it would be more dishonest to include a relocation package as part of you salary, than to include it.

Another discrepancy could be promotions that occurred throughout the year. If you get a promotion and raise in December 2008, your tax return is only going to reflect your previous salary. However, if you apply for a job after December 2008, you should list your current salary on your application, not the amounts you earned in the 2008 calendar year.

Or what about bonuses? If I traditionally get a bonus in January, those amounts won't be in my tax return until the next year. Some companies have bonus structures where the bonus is pretty automatic amount every year. So those employees probably will include these amounts as salary, as opposed to bonuses that are more contingent in nature.