If you have ever defaulted on a credit card payment or had an extension on your student loan, watch out! Your credit history could impact decisions — right from buying an iPhone6 to landing a new job. This is because credit bureau Cibil has tied up with e-commerce players and employee-screening firms to share data on consumers and potential job candidates.
Capricious borrowers also may find their loan-repayment track record returning to haunt them at the time of seeking new employment. "We have been getting multiple requests from banks and background-screening firms that in addition to the present screening processes that they have for employees — like the education, criminal and medical tests — they also wanted to do a financial credit test," said Mehta. He added that employers making these requests out of a compliance perspective were largely multinational companies.
Although credit histories are usually requested by lenders who have received a loan proposal, TU Cibil is able to provide this service as it is given after consumer consent. "We have a process where the customer authenticates it, only then we release it to the third party. The way it is used in the employee-screening process is that it is an indicator of risk and whether the company should do further due diligence on a prospective candidate or not," said Mehta. He added that if the report is that of a chronic defaulter, it is up to the company whether to hire the person or not.
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