How A Corporate Background Check Can Save Your Company Millions

A corporate background check is carried out by an employer looking to take on new staff members. With modern technology in the information age making it so easy and cheap for these background checks to be carried out, few employers are going to take the risk of employing staff without taking advantage of the opportunity.

Corporate issues will never be as critical as the issues involved in working with children, which mean that extremely thorough background checks need to be carried out. Here, you are dealing with issues which can completely destroy peoples' lives. In the case of corporate background checks, however, there may be millions of dollars worth of business at stake if crucial information was to fall into the wrong hands.

Obviously a check of criminal records is the first essential in attempting to ascertain the moral character of a potential employee. Even in this case, not all records will be available to all employers. There are some minor convictions which will not be visible after a certain length of time, and there are also some records which will only show to employers from certain professions.

These are not limited to government employees and people working with children, but do involve jobs in the corporate sector as well. Any security company, for example, will have enhanced access to criminal record data, as the job relates so directly to the issues involved.

It is not just criminal record databases held by government agencies which will be searched when carrying out a corporate background check. Private databases with financial information will also be considered. An act known as the Fair Credit Reporting Act has laid down strict laws as to what information is available to searchers, and for how long.

The “consumer report” which can be searched has time limits on every piece of information which can be produced. Even bankruptcy, which is the most extreme case of an impaired credit record, can only be reported for ten years after it occurs. Most other data will last for a period of seven years.

This includes any tax liens, provided they have been settled. It also covers any account which was defaulted upon and passed to an external debt collector. Generally, all negative information on a credit file will fall off after seven years.

Anyone looking to work in the financial services part of the corporate sector will find themselves severely hampered by these negative markings on their credit report. They are not, however, a lifetime barrier to entry, as a criminal conviction involving children would be to a job in the teaching profession.

Some sensitive records are protected from scrutiny altogether. There are strict limits, for example on access to medical, military and educational records. Medical records are almost never disclosed until the time a formal offer of employment is made, and even then access is limited. Military and school record searches are strictly limited to the basic facts, such as years of attendance and achievements attained. These limits are necessary to prevent abuse of a routine corporate background check.

 

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