Is anybody in the know about credit checking in banking and FS consultancy? I'm looking to move into the banking or the FS consulting arena and have just found out that due to an oversight (honest!) I have a default on my credit report. I've now paid this off but the default marker remains on the credit report for 4/5 years. I thought no more about it until i heard a story recently about somebody having an offer revoked at a bank because the employer had run a credit check and found a CCJ. Does anybody know the effect of a default on potential employment in banking/ FS consultancy? Would put my mind at rest one way or the other.

If you've settled, can you not have this removed by your former creditor?

I tried this but the creditor won't remove it, so it appears as settled/ satisfied but a default marker remains nonetheless.

Are you American? Cuz no employer in the UK gives a tinker's custard what your credit report says.CCJs, black marks on CRB checks etc are different however.If you're really fretting out about it that much, just say it was a payment that was in dispute or something.

Thanks for that - i'm english and UK-based so hopefully this default marker won't cause me too many problems. Thought i'd better check on this given that all the banks/ FS consultancies do a credit check as part of the process. I know that CCJ's are a tad more serious than a default marker so i'm hoping i won't get stung! Anymore feedback/ advise on this would be much appreciated as maybe/ maybe not getting an offer revoked isn't exactly something i want to be taking a punt on once i've resigned from my current job!!

I'm interested in this too - will a default cause a problem on a credit check?!? - bit of a worry if it does. Anybody know for sure??

Quick question for Senior Vice President? Forgive me for saying but have you not contradicted yourself in your response - by saying that nobody in the UK cares about a default mark on a credit check but they do care about a black mark - isn't a default the same thing as a black mark?

Hi Bloggsy,The black mark comment referred to a black mark on a CRB check (Criminal Records Bureau). CRB checks are nothing to do with credit ratings but are becoming increasingly popular as a way of finding out if you have any kind of 'criminal' background (cautions from the police, time spent in the slammer, that kind of thing). A black mark on a CRB check would definitely be a cause for concern for any employer because it indicates bad character.A bad credit rating however needn't be a cause for concern. It can be caused by all manner of things. Sometimes bills get lost in the post or disputed, sometimes people lose their jobs and slip behind on a payment, sometimes they get a bad rating simply because of the postcode of where they live. However a credit report which shows a whole string off 'offences' might make people wonder what has been going on. And a CCJ would definitely be cause for concern.

Well, I work for a credit agency, so I guess I can answer this one for you. As soon as you go 1 payment down on your credit account you will be put through your lender’s collection process. If you continue not to pay then after a while they will decide that you are not going to ever pay and you will be down as having defaulted on that account. At this point most banks etc. will sell your details to a debt recovery agency. Even if you eventually pay the debt off, you will have a default against your name which is held for 6 years. Of course, having defaults against your name is bad, as you will be viewed as a less reliable customer and you will not be able to get the best rates on your lending. However, it is not the end of the world. In a totally bog standard generic risk model, you will probably get more points added on for having a house or being on the electoral roll than you will have taken off for having a default.

Thanks for the responses on that.Mike - from your experience/ knowledge of credit checking, have you ever known an employer reject a candidate on the basis of a default?

I’m afraid I don’t know about FS companies’ HR practices. But you have to ask, if they do do credit checks (and I’ve never heard of anyone doing this – although I am not all that experienced in these matters) what do they do them for? My company do checks on new starters, but they are just to make sure that they are who they say they are, that they actually do have a degree in whatever and that they’re not a criminal. If your company actually checks people’s credit reports, then they have to be looking for information contained on it. This can only really be public information (CCJs etc) and defaults. Although it does seem very unlikely that they would discriminate on these grounds.

I have previously worked for a bank who most definitely did perform a credit check on new starters. This was due to the risk of an unreliable staff member taking advantage of banking benefits and the debt subsequently going "bad".

If you work directly for a bank or financial instution they have to run a credit check on you. If you are working for a supplier you do not have the checks. This means that if you want to work directly for a bank it may be a problem, but if you work for a profession services company like MC that is working for them it will be ok.

Thanks for that (i think), during the course of this thread i've gone from slightly concerned to quietly confident to the depths of despair! This default looks like a potential time bomb - i was going to focus on FS consulting rather than banks so hopefully (according to JG) they won't do the checks and i'll slip the net. By the sound of it though there's no hard and set rules as to who does credit checks and who doesn't, who's bothered and who couldn't give a monkeys. I guess the only way to cover myself is once an offer is in place to ask the employer if they do credit checks. This sounds pretty suspicious though?!?

Either you're a) blowing this out of all proportion or b) your financial situation is really rather dire - and we're talking multiple transgressions. Which is it?

It's one satisfied default on an otherwise sparkling clean credit report. Maybe I'm blowing this out of proportion and worrying over nothing but the idea of a revoked offer put the sweats on.

You should be fine then - can understand why you're fretting but i'd take a chill pill on it. If you get an offer in banking/ FS consulting you can always check with the employer or the agent to see if there will be a credit check - if there is a check then get your side of the story in and say it's a dispute, maybe hold off resigning until you know the score. I've never come across it though - do you know any recruitment agents who you can ask? maybe they would know the answer on this one way or the other.

This might all be a storm in a tea-cup though from past experience one default can have a major effect on you credit score - you don't need a string of transgressions to do this. I had a spotless report and following one default (which i settled) my credit score was lower than an average albanian pig farmer. Still, i don't think you'll have trouble with employment and a default - though as advised elsewhere i'd check with a recruitment agent to make sure - any recruitment agents around to answer?

I find it had to contemplate why anyone could reasonably justify rescinding your job offer because of a CCJ that had nothing to do with them.That is crazy, can someone please explain.

If you can't look after your own finances, why would I let you look after mine?

Yeah, you could say that if I wanted to be your private banker or Trader but not if i wanted to be a Equity Researcher or Salesperson.So please come up with a more reasonable conclusion.

A CCJ is classed as a "court" offence so employers are probably entitled to be a little concerned if you've got these against you. If you have a CCJ you should be up front with the employer as an offer can be revoked - a former colleague of mine was 6 weeks into starting a role at Goldman Sachs when they ran a credit check - he had a CCJ on some missed payments on a hi-fi dating back to when he was 17, the offer was immediately revoked and he was asked to leave. A default is less serious and shouldn't cause empoyment issues, but i'd check with the employer.

They sacked him because he had a CCJ!! - seems very harsh to me, are they allowed to do that. I think i'll be checking my credit report next time i go for a job! - Is there anybody in recruitment here who knows about the boundaries on a credit report and jobs in FS consultancy (i'm in this area too for Deloitte)??

It's seen as a basic matter of integrity, due to the numbers of people who apply for these roles they can be that fussy!I have a CCJ and sweated over it during application, I decided to go upfront and discussed the reasons why (bill sent to student address - debt unknown until buying house 3 years later!) and although it was embarrassing it was cleared.If you have a CCJ, and you lie about it, you're painting a pretty shifty picture of yourself.

I think the point is that having a CCJ is less serious in itself than having a CCJ and failing to declare it or trying to conceal it.

Shifty dealer - I understand your point about being upfront about it but did you know they (i'm assuming it was a bank) were going to run a credit check on you in the first place (if yes, how did you know - was it written in the contract that they'd check?). My point is that integrity is one thing but if they're not going to run a credit check in the first place why would you want to announce it to them? - "My name is John, a excellent consultant with 10 years experience in financial services and a CCJ" - hardly a killer line.

can anyone suggest the best way to check your credit rating. Many thanks.

You can order it online: http://www.experian.co.uk/

www.creditexpert.co.uk would be a better bet. Which incedently uses a score that I made! Boast boast.

Hehe, very good Experianite.By the way, when when u do a search for your own rating, does this fact get stored in ur record by the way? Just wondering cuz it could look dodgy if someone is looking up their own record, e.g. like maybe they think there might be somethin bad on there and they're just checkin?? I dunno??What little tips do u have as far as credit ratings etc goes??

Tips: pay your bills on time. Don't worry about requesting it -- employers won't be able to see the fact that you've requested it. Besides, checking your credit report periodically for errors is good practice.

Periodically checking your credit report is a very good idea. There are no negative connotations with doing so – it’s like checking your bank account statements, just common sense. Firstly, you can make sure that the information held about you is correct. You wouldn’t want a bank to make a decision about your mortgage or whatever, based on incorrect data.And secondly, you can cut back the chances of identity theft (which increased by 69% this year!) by making sure that there are no credit accounts against your name which you have no knowledge of. Tip – Make sure that you are registered on the voters roll. This makes a very large difference in most companies credit scores.

I owned up because at the 'on-boarding' stage it was made clear that it would happen. I spoke to my HR contact and then had a call with one of the risk partners.Despite how easy it is to fall in to the credit trap ('pay your bills' oh really, thanks, pr*ck) it is amazing how much of a black mark it can put against your name. You need to remember that in our profession most people have been living well paid and structured lives, for those of us who have moved around a bit (8 addresses in 10 years) it can be ever so easy to get stung. All it takes is for someone to stop returning your mail and to bin it rather than return to sender.If mail is not returned the organisation can legally asume that you have read it and actively chosen not to respond!The system sucks!!!

Sorry to be harsh, but lazy people will always find an excuse, someone/something to blame - it must be the system.If you move a lot, you should keep a definitive list of *all* organisations which you interact with. Update your details with them and have your mail re-directed as a fall back measure.If you have mail being sent to a former address by an organisation with which you have a financial relationship, you have let yourself down. I learnt the hard way when I was in my long-haired student days and now I have to organise my financial affairs and correspondence with military precision.

I just still disagree with the whole thing about withdrawing an offer based on this.If it was such a serious court offence, how come there is no warrant for arrest of people with CCJ?A CCJ to me likely indicates that you had some problems paying a bill or you have been stubborn in regards to a dispute with a firm.It hardly indicates in most cases that you are a criminal or have criminal intent.But sh*t happens, although it ain't right.

Assuming I understand this properly, a CCJ means that a court has had to intervene to make you take a particular action. That is, all reasonable attempts to make you carry out your lawful duties have failed, and the 'victim' for want of a better word has had to use the court as a last resort to make you fulfil your obligations.What does that tell you about a person with a CCJ against their name? To me, it means they're either negligent/reckless, ignorant of their duties, or bloody-minded. Is there any other explanation?

Anon, you are a typical *tw@t*. Voicing a pointless opinion as if you are an expert with your 'military precision' - what does that mean by the way, underfunded and poorly targeted?!I was a student, left university and had no on-going financial obligations. There was however an unpaid water bill which a flatmate said he had paid, and to whom I had provided my share of funds.The bill was not paid and the CCJ was lodged against all residents of the house. Despite leaving a forwarding address the next bunch of students in the house either binned or smoked my mail.Three years later I look for a mortgage and hey presto have a CCJ I know nothing about.Sorry, you're right. I was clearly being lazy.

Mr The SVP,So is one "reckless", "ignorant of their duties" or "bloody-minded" is you obtain internet service from a provider and a rogue site installs on your system a software dialer to premium sites without your knowledge or permission.The you get a bill for £1200 for a service you never wanted, never needed and never utilised (at least to your knowledge and intention).The service provider refuses to write off this revenue and provided no protection for you against this despite having had several complaints about this from other customers.The rogue site is not traceable and is not regulatable.You refuse to pay such a huge sum because you can't afford it and you didn't plan for it.Does that make you "reckless", "ignorant of their duties" or "bloody-minded" and gaddamn not worth employing?

it makes you lazy and ignorant for not attending to the basics of home PC security.....

sd,I am a senior partner in an FS organisation - I make hiring decisions on a daily basis. You have to appreciate the kind of candidate we covet. We seek high-pedigree, keen bright-young-things. We demand a polished appearance, a crisp, clipped accent (no naughty hints of estuary), alongside the obligatory stellar academics and other residual CV essentials (captain of house at school, heart-warming volunteer activities etc.). A CCJ is hardly a great addition to the list.....

And are you saying all PC Security are full proof?Are you saying they are affordable to everyone?Or are you too ignorant to realise you personal situation (probably privileged) does not apply to everyone else?

Big Consultant - it sounds like you've been shafted by this internet provider, i would have kicked and screamed blue murder through the courts if this had happened to me. Are you sure you've done all you can to get this CCJ off? - you must have proof of this premium rate number situation?By the sounds of it, a CCJ can really turn the screw - rightly or wrongly.

I think that that was maybe a hypothetical situation.

No it was not.Bloggsy, BT would not miss out on such huge revenue and there reason is that they cannot differentiate between who is intentionally using the premium number and who is unintentionally using it, so hard luck if it happens to you.As a matter of principle, I don't intend to pay for what I did not use or did not get.That makes me unemployable with no "integrity" and guilty of a "court offence" as some forumites highlighted.

I'd do the same in that position, though it sounds like your principles will make you pay on the employment front. Lets face it, if you want to work for a bank or consultancy you're going to have to explain that you have this CCJ and when you start to explain that it's because of a premium number on a dodgy website - well, you may aswell confess to being Gary Glitter. I'd explore the legal side of this and get a solicitor involved.

Bloggsy,Not to worry, I am already employed as a consultant. It is just annoying to know that it would be difficult to move into a role in a Bank if I wanted to becuase some idiot feels they can judge you on a CCJ.As per the Gary Glitter stuff, I agree with you. It is quite annoying to think about the kind of stupid assumptions that can formulate an opinion in some people's mind. But what can one do? You can't make the whole world develop critical thinking or analysis ability.

Especially as then you'd be out of a job..

Mate you're on the worng forum - you should be on wiseass.com.