When hiring a new employee for your company, ensuring you’re getting the best candidate is vital. With a variety of software and features available, it can be overwhelming to decide what aligns with your needs.  

Have you considered including a credit check in your processes? Many new hiring processes now include credit checks. In this article, we’ll discuss several factors to check when choosing the best credit check company to conduct your inquiries.  

Table of Contents 

1. Why Would an Employer Run a Credit Check on Potential Hires? 
2. Employee Credit Checks: Are They Fair? 
3. How to Evaluate Employee Credit Check Companies 
4. The 6 Best Credit Check Services to Consider in 2024 

Why Would an Employer Run a Credit Check on Potential Hires? 

There are many reasons to require a credit check for possible new employees. For instance: 

• • If the position requires your employee to be responsible for a client’s or the company’s finances, it may be relevant to the work they’ll be doing.  
  • Indications of financial stress on the employee could be viewed as an increased risk of theft or fraud.  
  • There may be patterns of behavior that become apparent when checking credit scores that indicate a lack of responsibility or organization. 

If your company requires high levels of security and discretion, it’s your responsibility to ensure that your employees meet the highest standards. A credit check could be a vital part of your hiring process to ensure you’re hiring the best possible candidate.  

Assess Financial Responsibility 

Every new employee is a potential financial risk to your company. Not only are you trusting this new person with your work and reputation, you may also be trusting this person to handle finances that directly impact your bottom line.  

A tool to check credit history can help prevent your company from hiring a person who has red flags when it comes to dealing with their finances. The check can uncover how well this person handles their finances, which could reflect their ability to manage finances more generally.  

A credit check will see the payment behaviors of potential employees. It is your job, however, to remember this is only part of the story and does not provide an overall wealth check on a person. 

Compliance and Industry Regulations 

Conducting credit checks responsibly is a vital part of the process: you need to protect both you and your candidate's best interests. Using a credit check company can help you navigate potential issues and ensures you comply with all the proper regulations. 

Some industries require a credit check to be completed before employment begins. Positions that require these sorts of checks are usually responsible for handling sensitive information, such as financial institutions and government agencies.  

Employee Credit Checks: Are They Fair? 

Despite the benefits employee credit checks offer to hiring teams, there are many discussions as to its fairness. In fact, checking credit in the hiring process is not allowed in several states due to the belief that they unfairly represent candidates. 

If you choose to use employee credit checks in your hiring process, there are also many credit reporting changes that you have to be aware of. Having a company aid you in these situations can help you create a fair and ethical process in hiring. It can also help you look out for the well-being of your business, clients and employees. 

How to Evaluate Employee Credit Check Companies 

There are several steps to consider when evaluating a credit check company.  

• • Perform due diligence: You’re dealing with sensitive information, and getting that process correct requires much knowledge and accountability.  
  • Review processes to ensure data accuracy: You also want to ensure that your process fits your company’s and clients’ needs.  
  • Balance costs with benefits and features: The company you work with must provide an affordable option and the support required to ensure no problems.  

With these steps in mind, let's review the 6 best credit check services you should consider.  

The 6 Best Credit Check Services to Consider in 2024 

1. Cisive  

Cisive is an industry leader for large and small brands alike. Committed to creating a process for employment screening that combines technology the platform adds incredible insight into your hiring process.  

Along with a team of subject matter experts, here are some of the key features Cisive users can count on:  

• • Cisive's lack of class action lawsuits and 99.9994% accuracy provide a near-bulletproof process you can trust. 
  • Cisive offers support for your company and team and also provides support to your candidates, so you don’t need to. 
  • Cisive offers a full array of background checks to allow you a single place to verify credit history, criminal background, education, and much more. 

Cisive is a top option when it comes to choosing an employment credit check company. It provides all the tools, support and ongoing updates you need whether you’re new at completing these types of employment checks or you’re looking for a new and better option. 

2. GoodHire 

Goodhire is another choice to fill your employment credit check needs. They have a list of high-quality companies that trust their services, and they can provide you with exactly what you need in credit checks for your new hires. 

Key features in GoodHire reviews include:  

• • GoodHire provides a streamlined experience for background checks that’s easy to understand and implement. 
  • Different levels of service provide options for different business needs. 
  • Some users have reported issues finding complete data with candidates who have lived abroad. 

GoodHire provides fast and easy background checks for hiring good candidates and is trusted by several large companies. Their tiered pricing options also provide different levels of service, so you can decide which group your company fits into. 

3. TransUnion Shareable 

TransUnion’s tool, Shareable, is another tool that provides small business owners with background and credit checks for potential hires. They focus on small companies and can help provide quick responses that won’t leave you waiting. 

Key features in TransUnion Shareable reviews include: 

• • The ability to create a free account to help you decide if you like the software and program before making an actual purchase. 
  • Reports are easy to request, and they provide the results quickly. 
  • This program is “pay-per-use,” and the lack of monthly plans can quickly balloon your costs. 

Shareable provides a great tool to use if hiring is more sporadic and spread out. Since you pay for each report separately, you can avoid paying a monthly premium, but if you’re hiring more frequently, you may have better options available.  

4. Accurate 

Accurate provides credit check services with ease of use for both the company and the candidate. They ensure their tools work on as many browsers and operating systems as possible so everyone can interact with them properly. 

Key features in Accurate reviews include: 

• • A mobile-optimized candidate portal allows your candidates to enter their information on their phones, making it easy to use. 
  • Different pricing plans are offered based on the size of your company, so you can ensure you’ll get a plan that fits your budget and needs. 
  • Some users report having slower results with Accurate than with other tools. 

Accurate offers great results and an easy learning process, but you may have issues if time is a factor. This company also requires you to contact them for pricing, so you won’t know how much it will cost until you contact them. 

5. Certn 

Certn focuses on creating the world’s easiest background checks. They have a variety of offerings to create a flexible package for your needs.   

Key features in Certn reviews include: 

• • Certn offers 24/7 chat support and live training to ensure you’re comfortable with their tool and process. 
  • All reports and files are easily accessible so you can find what you need quickly. 
  • Some users report a lower value for the money than some other alternatives. 

Certn is focused on making you comfortable with performing these checks, and they offer a variety of ways to help support you in your business. 

6. eKnowID 

eKnowId offers small businesses the ability to make hiring decisions with three levels of checks they can run. They’re a viable option whether you’re looking for an express check that provides fast results or a more in-depth check that offers more details. 

Key features in TransUnion Shareable reviews include: 

• • They offer a free hiring checklist to help your company even if you don’t use their tool. 
  • They offer bulk discounts for companies making more credit check requests. 
  • No free trial and no free version means you must commit to this tool before trying it. 

eKnowID provides options for several different industries and service level needs. They’re a good option for small to medium-sized businesses.  

Get Started With Employment Credit Checks 

If you’re looking for the best credit check service to assist you during your hiring process, make sure you work with one with the tools and experience to help your company perform at its best. Choosing the right partner is vital to give you the security and accuracy necessary to optimize your hiring process.  

Cisive offers extensive solutions and resources to help you make your hiring process successful. Not only does it provide fast, accurate credit checks, but it also offers a full range of tools to ensure your company is hiring the best candidate available. Speak with an expert today to see how Cisive can assist you.