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12.03.2019 : News

Does a credit check have an impact on your credit rating?

During a screening process, some candidates can be dubious regarding the credit check because they are afraid of negatively affecting their credit score. The answer is that it will depend on the type of credit check being done, as well as why a credit check is being done.

What is a credit history check?

A credit history check is a search for relevant information in a large consumer reporting database or its national equivalent where it exists. These reliable sources will provide detailed reports, including an individual’s credit rating, loans granted, missed payments, collections and bad debts, among other things. In short, this verification will reveal any information that could negatively affect a credit history.

The different types of checks and their impact on credit rating

Depending on the reason for requesting a credit file check, two types of investigations may be carried out. It is important to note that their impact on credit rating is different.

The credit check with impact

A hard inquiry is a request for information generally made when an institution or company needs an individual’s score and credit history when making a decision about whether or not to grant a loan. A check with impact could also be required to obtain a new credit card or car or mortgage loan approval.

It is important to note that credit inquiries with impact have the effect of lowering the credit rating by a few points for approximately six months. Once this period has elapsed, the effect is reversed. This is why it is usually recommended to mind the amount and number of credit you apply for shortly before applying for a mortgage.

The credit check with no impact

Soft inquiries are often requested by individuals or organizations when they have no intention of making a loan decision, although there are exceptions from one institution to another. Landlords and potential employers use them to assess the financial risk posed by a candidate. When you check your own credit history, it is a non-impactful credit check.

This type of credit report check has no effect on your credit rating. The results can only be seen by the person being checked.

Background checks for employment will not affect your credit score

In light of this information, you no doubt understand that some credit checks related to requests for loans or mortgages do indeed have a negative impact on the credit rating of the individual being screened, although those negative effects are only temporary.

Pre-employment screenings containing credit checks are considered as non-impactful inquiries and will not have any negative effect on your credit score. Individuals being screened by Mintz Global Screening for employment, volunteer work or internships can be ensured that their credit score will remain intact.

emploi-dossier-conduite

28.01.2019 : News

Driving record check: what jobs require it?

An individual’s driving record can reveal a history of offences such as impaired driving, speeding or dangerous driving. It also includes details of the driver’s licence and its history for a defined period, current status, active suspensions and fines. For some recruiters, an in-depth check of a candidate’s driving record is particularly useful in assessing whether a candidate meets industry standards, corporate insurance requirements and can reliably drive a company… Lire la suite »

06.01.2019 : News

Detecting resume fraud costlier as deceptions become more subtle

Job applicants are becoming more subtle in how they falsify their resumes It may seem paradoxical that as companies become more efficient in performing effective background screening on applicants, the process is becoming more costly. The reason is simple: job applicants are becoming more subtle in how they falsify their resumes. They exaggerate and inflate rather than outright lie. Instead of deliberately lying on their resume by making up non-existent… Lire la suite »

Pay Transparency Act

04.09.2018 : News

Ontario is about to regulate pay transparency in the hiring process

The Ontario government passed Bill 3, the Pay Transparency Act 2018, on April 26, 2018. This Act will come into force on January 1, 2019, making Ontario the first province in Canada passing legislation regarding the regulation of pay transparency in the hiring process. This legislation is a part of the Ontario government agenda to promote gender equality and equal compensation. What is the purpose of the Act? Even though making distinction… Lire la suite »