Contractor credit check - FSA requirement?

**nevergoingtopay** · 4 March 2009, 13:44

I did 3 years at RBS as a contractor and had a credit check and criminal records check every year. This was in my contract.

This I was told it was a FSA requirement, I think the credit check was (not the CRB) as permie employees could be sacked if they had a CCJ or any defaults etc.

I am sure you can contact the FSA and ask them about this.

RBS identified that nearly all crime within the bank was normally carried out by employees with bad credit history etc, so guess Fred wont get a job again soon!

I had a friend who had his RBS contract withdrawn becaue of a default on his credit file, not even a CCJ.

**sal626** · 4 March 2009, 14:55

I applied for a contract at Natwest a few months ago, and was asked by agent if I had any CCJs. Said it was requirement from client not agency. But he didn't mention if they were going to run a credit check or not....

**Svalbaard** · 4 March 2009, 16:03

It could be an FSA requirement depending on what area of financial services you are working in. I am at a very large global insurance company and was credit checked before being offered the role.

I did dig around after starting and lo and behold yes it is a requirement due to the fact that I am working on core financial accounting and reporting modules in SAP - so I guess it makes sense in the current climate.

Not sure how long a CCJ stays on your credit report after settlement. May be worth checking this out.

**Jubber** · 4 March 2009, 16:13

Originally posted by TTKA View Post

Anybody else in the same boat?

Not me, but as I mentioned in an earlier thread, I know a fellow contractor who was checked by Barcap and was accepted and worked his contract. He then got his next contract with RBS and they wouldn't take him. He swears that nothing had changed during his time with Barcap. Maybe they use different companies to do the checks. I know RBS use Kroll. Maybe they are more thorough.?

Good work FSA on regulating banks by the way, I'm sure my £500 uni fees default was a good catch for someone...just imagine if that slipped through

Yes I agree that it is stupid for a techie. What risk someone working on say an internal MIS project would be to the bank because of a 500 quid default I really don't understand either.

**Jubber** · 4 March 2009, 16:23

Originally posted by Svalbaard View Post

Not sure how long a CCJ stays on your credit report after settlement. May be worth checking this out.

6 years - so the OP will be clear in December.

**TTKA** · 4 March 2009, 16:52

yip the financial orgainsations use different agencies to credit check and use different criteria. Am I really to believe that no-one (permie and contractor) in the financial services industry has defaults within the last 6 years?1 I know RBS are especially stringent and knew this girl who was refused a contract due to having a £500 default...no CCJ just a default.... What annoys me is the accusation that you are high risk dishonest due to financial difficulties within the past six years...how do these relate to each other? Am I at risk from collusion with the criminal underworld becuase I couldn't pay the last installment of my Uni fees. Surely a criminal record check would be more relevant than credit worthiness. I would have thought my 5 years of references would count for something...
Oh and I was offered a mortgage from the same client who withdrew the contract. Though I'm not blaming them, just a lack of transparancy from the FSA

**dspsyssts** · 28 February 2010, 23:07

Does anyone know how this works?....I am in the same situation and Kroll will be doing the checking,the agency have got me to fillout the forms and want 3 years addresses. I have been at the same address for 3 years and have no credit registered or linked to this address.

However....prior to that I have outstanding debts...but the address these are registered to is not being asked for or divulged.

They do though have my name and DOB,and my surname is Jones!

Reckon they will sus my previous bad debt?...my contract will hang on how thorough Kroll are.

**lje** · 1 March 2010, 09:43

Originally posted by dspsyssts View Post

Does anyone know how this works?....I am in the same situation and Kroll will be doing the checking,the agency have got me to fillout the forms and want 3 years addresses. I have been at the same address for 3 years and have no credit registered or linked to this address.

However....prior to that I have outstanding debts...but the address these are registered to is not being asked for or divulged.

They do though have my name and DOB,and my surname is Jones!

Reckon they will sus my previous bad debt?...my contract will hang on how thorough Kroll are.

The credit reference agents may well have your previous addresses. When you tell your bank that you've moved (for example) they can link your previous address to your current address. A lot of work is done in this area by the agencies.

The best thing to do (for you and the OP) would be to get hold of your credit report from the major agencies (Equifax and Experian). Last time I looked this would cost you £1 for each. Then you would know for certain what was on your file and which addresses were linked.

In addition, you can add ask the credit references to add a personal note to your credit file. In it you can explain your CCJ (for example). I'm not sure what difference that would make to a job application but certainly if you're applying by credit it would mean that the decision cannot be made automatically. A human has to be involved - which means that you get a chance to make your case.

**Not So Wise** · 1 March 2010, 10:34

Originally posted by lje View Post

In addition, you can add ask the credit references to add a personal note to your credit file. In it you can explain your CCJ (for example). I'm not sure what difference that would make to a job application but certainly if you're applying by credit it would mean that the decision cannot be made automatically. A human has to be involved - which means that you get a chance to make your case.

The notes on credit files are pretty worthless these days due to abuse.

Actually just having one generally means automatic first refusal if you apply for loan/CC

Contractor credit check - FSA requirement?