Credit Checks

ITGS helps you to run the credit check, to examine facts from credit report in order to better understand the financial behaviour of our subject. credit checks don’t require consent that much, but a legitimate reason is necessary. We can only run a credit check on the person if you have solid reason to do so. For example, person have applied for a loan from you, if you’re a utility supplier or etc.

ITGS runs two types of checks

Soft Credit Inquiry

When a person or corporation analyses your credit as part of a background investigation, it is known as a soft inquiry. This might happen when a credit card company analyses your credit beyond your knowledge to determine whether you qualify for credit card offers. Also, before employing you, the hiring company may do a soft inquiry. However, soft credit checks on a subject can be run by any source, and it’ll not effect or damage the credit score of the subject.

Hard Credit Inquiry

While a financial organisation, such as a banker or credit card provider, investigates your credit when making a loan decision, this is known as a hard inquiry. They frequently occur when you apply for a mortgage, loan, or credit card, and you must normally allow them. The fallback of hard inquiry is that the hard credit inquiry negatively impacts the credit score of the subject.

Laws Implemented

While running a soft inquiry, Employers are not permitted to enquire about a person's payment history, credit ratings, credit status, or credit capability. Credit card debt, support payments, college loans, a foreclosure, missing or late payments, bankruptcies, judgements, and levies are all examples of this type of debt.

The Commission has released details on which professions are not covered by the SCDEA (Stop Credit Discrimination in Employment Act). Companies must assess whether a single job is exempted from the SCDEA since the exclusions do not apply to a sector globally or organisation.

Credit Check Workflow