CIBIL Check for employment is very important to see the performance of candidates for credit, loans, and other financial activities. We check the authenticity and worthiness of the employee according to the analysis and checking of their CIBIL credit score. The higher credit score means the candidate is trustworthy and he/she clears all their loans, debts, etc. on time to maintain their excellent CIBIL credit score.
To check and prepare the credit check reports, we go online and check the credit history of the employee to measure and analyze their credit score. There are certain areas to measure the credit score and if the employees are paying their monthly EMIs on time then their credit scores are good and if they are delaying, holding, or not paying their loans, bills, EMIs, etc. then their credit score will be low or poor.
According to our analysis and measurement, if the candidate shows trustworthy then we share the reports with the employer without any hassle, otherwise, we have shown the negative reports with the employer. We do perform the pre-employment CIBIL credit score check to help our clients to know their upcoming employee even better. Pre-employment credit score checks let the employers know that they are trustworthy and responsible for the financial activities; we are sharing the full credit score history of the employee with the company which helps the company to make a wise decision.
Why it is important?
Employees’ CIBIL check is a very important aspect of the hiring process in many companies and if it’s not mandatory in your company then you should also adopt it. Employees CIBIL checks ensure that the selected or all employees of the company are responsible for financial activities. It also shows the past behavior of the employee according to the credit score.
Our team of experts dig deep into the credit reports to check and analyze the history thoroughly to make an effective report for our clients. Through this, the organization can make the decision easily and decides whether the candidate is a good fit for the role and company or not.
CIBIL score is a 3 digit number between 300 to 900, where a higher number indicates excellent and a lower number indicates a poor score. There are many companies that have made the CIBIL score check for all employees mandatory. Especially if you are applying for a job in a company or bank where your job role is related to finance, cash, or credit-related activities. Employees with such roles require good credit scores to showcase how responsible they are when it comes to managing finance, cash, or credit-related activities.
There was a time when not all companies have made it mandatory, but now, it’s very important for many companies. In fact, nowadays, some companies have made it compulsory even if their work has no relation to finance-related activities. Not just for safety, but to hire responsible and efficient employees who can concentrate better and will be ready to handle finance-related activities with full trust when needed in the future.
How to maintain a great CIBIL score
Maintaining a great CIBIL score is not rocket science, it just requires balancing and managing your financial roster effectively. We are going to tell you some effective tips below to maintain the CIBIL score efficiently for a long time:
Check and monitor your CIBIL score regularly to be updated. It’s very important and if you have seen some irregularity in your CIBIL score, report it to CIBIL immediately to get it fixed quickly before it causes any damage. So, make sure to check your credit reports every month, if not very frequently then keep checking it at least twice a month to stay updated with your performance.
Everyone has limited earnings with some minor ups and downs, you are aware of your earnings monthly, quarterly, and annually. You can apply for several loans, credit cards, etc. according to your income, regulate your borrowings so that it won’t exceed your income and you can make repayments comfortably. You get new loans only if you are repaying the dues on time for the first loans, at least for the first 3 months’ repayments on time.
Make sure that you are making payments of your loans, credit card bills, etc. on time to maintain a good repayment history. A great repayment history appeals to the hiring manager and it’s natural that every company loves to hire an organized person. Also, many active loans impact credit score, try not to take more than 3 loans at a time to maintain your credit score.
Following these steps will be helpful to maintain a good CIBIL credit score which can increase your chances to get hired for the job you have applied for.
Why Verification Street?
Verification Street is one of the most prominent and rapidly growing background verification companies in India. We are providing the employee’s CIBIL score verification services at very affordable prices and a very shorter turnaround time (TAT). Feel free to drop us an email or call us at +91-87505 93230 to schedule a free trial.