First Advantage Launches ‘Verify Credit’ and Adds Credit Checks to its Portfolio
First Advantage Private Limited (Business Wire India)
Bengaluru, Karnataka, India
First Advantage, a Symphony Technology Group (STG) company and a leading provider of talent acquisition and electronic data solutions, today announced the launch of a financial background check offering, ‘Verify Credit’, as a value added service to their existing checks and verification portfolio. With this particular check, First Advantage can now provide a comprehensive credit report based on an individual’s credit report analysis.
Navin Chugh, Managing Director for First Advantage, said, “As a pioneer and market leader, First Advantage believes in working closely with customers to understand their evolving needs and delivering value through innovative services. ‘Verify Credit’ is a good example which extends our portfolio and enhances our ‘Know Your Customer’ and ‘Vendor Screening’ services.”
The First Advantage report is based on the credit report from the Credit Information Bureau India Limited (CIBIL) report, one of the trusted information sources for credit reporting in India. The check report is not just based on the credit score; rather an in-depth analysis of the information embedded in the score, and hence gives a holistic view of the candidate’s financial background. It takes into consideration the behavioral indicators based on the recent credit history, for an individual or an organization, and provides valuable insights into financial risk, credit risk and credibility risk. While the information contained in the check report can be extremely useful, it is only intended to provide a determination of risk. This is in terms of the entity’s propensity to commit money laundering or identity theft, creation of an expectation of a customer's transactional behavior and could also assist in monitoring the entity’s transactions against the expected behavior and recorded profile as well as that of its peers. The credit check is a financial health check that can help determine the financial temperament of an individual and give pointers on the risk of hire as in the person’s tendency or inclination to commit financial fraud.
This offering could be crucial for hiring across the Banking, Financial Services and Consulting Services industries. With a drastic rise in white collar crimes and growing financial fraud in India, from cash and information theft, money laundering, and the sale of private and valuable customer credit card data, it is becoming imperative for organizations to mitigate financial and employee flight risks. Many multinational and domestic banks are adding credit health checks to the standard scope of pre-employment checks. For businesses offering consumer services, loans, and credit cards, the credit check together with address and identity verification also enhances the ‘Know your Customer’ (KYC) offering that First Advantage provides to its customers. The same check now strengthens the Vendor Screening services First Advantage offers to its clients looking to mitigate the delivery, scalability and service-quality risk from their vendor community.
“At First Advantage, we always endeavor to keep looking at new and innovative ways of conducting checks to mitigate risk for our customers. It is imperative to look beyond the traditional. ‘Verify Credit’ is yet another offering in that direction. The value of assessing credit health increases as establishing credit becomes a way of life for most of the working population today. Companies can naturally benefit from hiring people with high personal integrity, clean financial backgrounds and minimal liabilities. This check serves to provide the necessary information to employers”, said Ashish Mittal, Chief Operating Officer for First Advantage.
About First Advantage
First Advantage combines domain expertise, technology solutions and data to create proprietary products and services that organizations worldwide use to make smarter business decisions. First Advantage is a leading provider of talent acquisition solutions including employment background screening, occupational health services, recruiting solutions, skills and behavioral assessments and business tax consulting services. First Advantage is headquartered in St. Petersburg, FL and has offices throughout North America, Europe and Asia. First Advantage in India is headquartered in Bengaluru. More information about First Advantage can be found at www.fadv.com