Why Background Check?
Not every business runs background checks. Some don’t fully understand the benefits, and find the whole process to be too time consuming. However, the consequences of employing the wrong person, or letting to the wrong tenant, can be devastating.
Did you know?
Employment application fraud accounted for over 50% of all internal frauds recorded in 2013¹. This is significant as it is the first time since the founding of the Internal Fraud Database that such fraudulent attempts to gain employment accounted for the majority of insider frauds. Showing that the problem is more widespread than many might imagine and that it is continuing to grow. So why background check? Without it you run a very serious risk of damaging your integrity, your reputation, and your profits.
Our background checking services also enable you to further monitor your employees or tenants throughout your ongoing relationship, protecting you from any potential risks that might arise from a change in their circumstances.
Why Background Check – The Facts
- In 2013, employment screening helped to detect a 70% increase in false employment applications¹
- Employee fraud costs UK companies an estimated £2bn a year²
- 90% of application fraud is unsuccessful with screening¹
- An estimated 20-50% of candidates embellish their credentials on CVs³, and 15% of candidates back out of an application when told a check is required⁴
- 27% of applicants have given false references⁵ and 11% have falsely claimed to have a degree⁸
- ¾ of UK employers hire the wrong people, costing the UK economy £12bn a year⁶
- More than 40% of letting agents reported an increase in tenants struggling to meet rental payments⁷
So why Experian?
We have access to one of the UK’s largest databases of screening information, giving both employers and landlords all the tools they need to ensure that candidates and tenants are trustworthy, reliable and genuine.
The Experian Candidate Verifier is an invaluable solution that helps employers to make informed hiring decisions. The Experian Tenant Verifier helps landlords to make an informed choice of tenant when letting, greatly minimising the chances of income loss from non-payment.
Source: ¹ CIFAS Employee Fraudscape, 2014, ² Expert Investigations, 20.03.14, ³ CooperLomazNews, Exposed: Forged Employment References, 04.09.13, ⁴ Experian: Recruit in haste, regret at leisure whitepaper, 2013, ⁵ Accu-Screen, Inc., ADP, The Society of Human Resource Managers, 16.07.12, ⁶ HR Review, Three quarters of UK employers hire the wrong people, October 2011, ⁷ The Independent, Why tenants are struggling to meet their rental payments, 05.07.12, ⁸ The Guardian, Will you be found out if you lie on your CV?, 22.06.12