On the Credit Report Sharing Platform, you can share your credit report with employers or prospective employers for background screening purposes.
In addition to work experience, employers also attach great importance to job seekers’ financial history. In recent years, more employers have added credit checks as part of the background checks, especially when the position has access to possessions and customers’ personal data, such as the financial industry, securities industry, gaming industry, security industry, and the IT industry which has access to a large amount of sensitive information. These industries can be particularly demanding on personal integrity, and hiring unreliable employees can result in losses to the employer company.
Your credit report is the reference of your Creditworthiness
Credit checks mainly refer to the review of the job seeker’s credit report. The credit report contains information on different types of credit accounts, including credit usage status and repayment records, as well as public records, including debt recovery, bankruptcy and winding-up proceedings. The credit score is calculated based on these data, alongside with your credit history and big data to reflect your financial situation, which is almost equivalent to your creditworthiness.
The calculation of credit score is complex and multi-layered, which is calculated through a combination of sophisticated formulas and algorithms. TransUnion’s credit database has more than 40 years of history. It establishes an objective credit rating mechanism by data analysis and visually quantifies your financial creditworthiness. It is therefore widely recognized among local consumers and the financial industry.
What is the Credit Report Sharing Platform?
On the Credit Report Sharing Platform, you can share your credit report with employers or prospective employers for background screening purposes. When your employer or prospective employer sends you an authorisation notice requesting you to share your credit report, TransUnion will execute the instruction upon your authorisation. You will also receive a copy of the same report shared with the employer for reference. If you refuse to share, your employer or prospective employer will be notified immediately.
Why do employers need authorisation from job seekers to access credit reports?
TransUnion believes that personal privacy and data security are paramount. TransUnion provides job seekers with the autonomy to conduct credit checks when an employer requests access to the credit report through TransUnion's latest Credit Report Sharing Platform in the mobile app. TransUnion will only share credit reports with employers with the consent of job seekers. These employers have also been rigorously screened by TransUnion to ensure that they are reputable organisations.
On the other hand, this credit report shared with employers has an important difference from the ordinary personal credit report, in that, it will hide some personal information, such as credit card numbers, to protect the privacy of job seekers. This service is free for job seekers, and the job seeker will also receive, at the same time, a copy of the same report shared with the employer for reference.
The process of an employer's background check through the "Credit Report Sharing" Platform
1. The employer informs the job seeker that the employer needs to check the credit report and make the authorisation request through TransUnion.
2. Job seeker receives email notification from TransUnion.
3. Job seeker gives authorisation on the TransUnion mobile app to the designated employer within 14 days after receiving the email request of sharing his or her personal credit report.
4. Upon authorisation and after the cooling-off period (if any), both the job seeker and the employer can download their respective credit reports.
For "Credit Report Sharing Platform User Guide", please click here.
Have doubts about your employer's background?
The personal credit report contains sensitive personal information, TransUnion will only share your credit report with designated employers with your consent and authorisation. If you have any doubts about your employer’s background or requests, feel free to call our Customer Service Hotline at 2577 1816 or email us on firstname.lastname@example.org during office hours.