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FS Background check moans

 
#1 FS Background check moans
18/06/2015 22:42

uk_pm

Hi all,

I am new to forum, but looks really interesting.

I just had an offer withdrawn from RBS, because of defaults 5 years +. I declared on pre-screening form and the agency didn't even credit check me (nothing appeared on either Experian or Equifax searches). The agent said 33% of contractors fail their tests. Hypocritical considering RBS needed £38 Billion to keep going.

Now concerned once my defaults drop off the file, RBS will still blacklist me as someone who previously had defaults.

On the flip side

An agent called me regarding a Lloyds role, I mentioned my defaults and he said no-one is interested in them. a default meant you dealt with the problem, rather than ignoring it. Credit checked me for my piece of mind, I passed with flying colours and then interviewed. Didn't get the job though.

I know HSBC, only allow defaults if under £500, which is a joke. If someone defaulted for £500, they were in serious trouble (minimum credit card payment is 3% = £15). Where if someone defaulted for £20k, not outrageous if you had a car loan of £700 per month over 3 years and you lost your job or had to take a pay cut (e.g.. pension become non-contributory)

For the Co-op, credit checked before the interview, got rejected, I then appealed, then the interview got arranged.

At the end of the day, if the role is non-FCA regulated, it is up-to the policy of the bank.

Incredible thinking that these credit checking databases started off as someone starting a small database that had grown to ruin peoples lives for previous mistakes.

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#2 RE: FS Background check moans
18/06/2015 23:26

presidentbartlet to uk_pm (#1)

Believe me, it's just as frustrating when you've found the perfect candidate for the job and HR come back to tell you they're a "red" on the credit check and you're not allowed to employ them. Get some leeway on "amber" depending on what caused it though...

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#3 RE: FS Background check moans
19/06/2015 10:30

detoilet Consultant to presidentbartlet (#2)

Hmm

True what they say then - being in debt attracts a lot of interest from bankers !

DC

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#4 RE: FS Background check moans
19/06/2015 15:29

Bushy Eyebrow Partner to detoilet Consultant (#3)

If you have a lot of debt, just do what our prime minister does and go around telling everyone you aim to eliminate the deficit by 2020 so that they think you'll have paid off your debts by then.

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#5 RE: FS Background check moans
19/06/2015 15:32

presidentbartlet to detoilet Consultant (#3)

Hmm

True what they say then - being in debt attracts a lot of interest from bankers !

DC

Nothing wrong with debt, it's missed payments/defaults that's the problem!

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#6 RE: FS Background check moans
19/06/2015 15:47

Anon MCs to presidentbartlet (#5)

Guys come on,

If I wanted a job;

- As a deep sea diver, I would have to prove that I am comfortable in water and the sea

- As an oil tank truck driver, there is a requirement for good spatial awareness

- As a skydiver, requirement for a love of heights

- and so on

Similarly in Finance / Banking, there is a requirement on us being good at managing our money. From the Cashier to the CEO. Yes yes we all have examples of people messing up or addicted to gambling etc, but in general if you want a job in Finance and Banking, they expect you to have a grasp of your own Finances first.

Thats because there are too many fraud examples of people doing naughty stuff due to personal circumstances... Hence the banks put a rule on requiring excellent credit history.

I'm sorry UK_pm but if you want to work in the UK Banking industry, then I'm afraid your credit history has to be squeaky clean for the last few years.

All of us have gone through tought times, I cancelled holidays one year to ensure I stayed in the black. Would I have been as strict if not in Banking (eg taken loans to cover the hols)? Maybe not, but with a career in Finance none of us can afford credit issues, hence I have been boringly strict on credit cards each month and anything else.

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#7 RE: FS Background check moans
20/06/2015 22:28

presidentbartlet to Anon MCs (#6)

All of us have gone through tought times, I cancelled holidays one year to ensure I stayed in the black. Would I have been as strict if not in Banking (eg taken loans to cover the hols)? Maybe not, but with a career in Finance none of us can afford credit issues, hence I have been boringly strict on credit cards each month and anything else.

That's pretty extreme (but very sensible I'm sure!) - IME banks aren't that strict, some credit cards/loans/overdrafts aren't going to be that much of a problem, as long as payments aren't being missed and the overall amount isn't crazy compared to salary.

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#8 RE: FS Background check moans
23/06/2015 12:46

uk_pm to Anon MCs (#6)

Guys come on,

If I wanted a job;

- As a deep sea diver, I would have to prove that I am comfortable in water and the sea

- As an oil tank truck driver, there is a requirement for good spatial awareness

- As a skydiver, requirement for a love of heights

- and so on

Similarly in Finance / Banking, there is a requirement on us being good at managing our money. From the Cashier to the CEO. Yes yes we all have examples of people messing up or addicted to gambling etc, but in general if you want a job in Finance and Banking, they expect you to have a grasp of your own Finances first.

Thats because there are too many fraud examples of people doing naughty stuff due to personal circumstances... Hence the banks put a rule on requiring excellent credit history.

I'm sorry UK_pm but if you want to work in the UK Banking industry, then I'm afraid your credit history has to be squeaky clean for the last few years.

All of us have gone through tought times, I cancelled holidays one year to ensure I stayed in the black. Would I have been as strict if not in Banking (eg taken loans to cover the hols)? Maybe not, but with a career in Finance none of us can afford credit issues, hence I have been boringly strict on credit cards each month and anything else.

There was very good personal reason behind the debt, that I am not prepared to discuss here. I was managing the debt correctly, no missed payments, all very affordable. For various reasons outside of my control, my wife and I both ended up with massive pay cuts in 2009. She worked in the public sector, I worked for a bank. Ended up with a 22% net pay cut between us.

In a professional manner, I did an income/expenditure review and I contacted all my creditors, making them repayment plan offers, which they all excepted. I have never missed a payment. Unfortunately some of them defaulted us and now I can't get a job in FS again until the defaults drop off.

Yes there are people who are reckless who borrow more they can afford and don't pay them back.

But I am not one of them.

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#9 RE: FS Background check moans
23/06/2015 13:30

Bushy Eyebrow Partner to uk_pm (#8)

"ended up with massive pay cuts in 2009"

"Ended up with a 22% net pay cut between us"

You must have been absolutely maxed out to the limit on debt... What was the joint income prior to the cuts? Must have been pretty big by most people's standards? In which case, why did a reduction of what was already a very big income cause such problems? Surely the household income went from "massive" down to merely "huge"? In which case why was it possible to cope on a "massive" income but not a "huge" one?

A 22% net pay cut is not "massive" to self-employed people!

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