Checking someones employment status.

[jconsta6]

Just curious.....

Is there anyway of checking where someone is currently employed?

Obviously you can check peoples credit files if you are lending to them, but how would such a firm check whether you are employed? Your emplyment status is not on your credit profile. So apart from your supplied wageslips/bank statements how else?

This sparked from a discussion I was having the other day with someone and I couldn't see how a lender could HONESTLY ascertain if you were employed or not?

Any thoughts?

Thanks

JC

[JustinP1]

jconsta6 said:

Just curious.....

Is there anyway of checking where someone is currently employed?

Obviously you can check peoples credit files if you are lending to them, but how would such a firm check whether you are employed? Your emplyment status is not on your credit profile. So apart from your supplied wageslips/bank statements how else?

This sparked from a discussion I was having the other day with someone and I couldn't see how a lender could HONESTLY ascertain if you were employed or not?

Any thoughts?

Thanks

JC

They would probably see if the wage slips looked kosher, and check the deductions to see if they equate right.

This is diffiucult to do if you are an employer, so it will be even more difficult to do yourself. To be frank, many may not care!

[jconsta6]

JustinP1 said:

They would probably see if the wage slips looked kosher, and check the deductions to see if they equate right.

This is diffiucult to do if you are an employer, so it will be even more difficult to do yourself. To be frank, many may not care!

Thats pretty much the conclusion I came to.

I've searched google and can find no national agency or the like, so I'm presuming there isn't.
Thanks

[Eric Mc]

In the past few years lenders have patently been disinterested in checking the veracity of many borrowers - hence the proliferation of "Self Certification". Are we now seeing a return to a more prudent approach to loan applications?

[mcflurry]

It's not a good idea to lie about your job or salary on a loan application form. If you are one of the x% that they check a huge black CIFAS mark should find itself on your records.

http://www.cifas.org.uk/

[jconsta6]

mcflurry said:

It's not a good idea to lie about your job or salary on a loan application form. If you are one of the x% that they check a huge black CIFAS mark should find itself on your records.

http://www.cifas.org.uk/

I totally agree.

However, HOW do they check? I mean, there is no where that your salary is stored apart from at the revenue or with your employer? ... as far as I know?

Thanks

[Eric Mc]

Lenders used to ask to see payslips and bank statements of propspective borrowers. It was technically possible to tie up the Net Salary details shown on the payslips with the amounts being credited to the bank on a weekly or monthly basis. Whilst it may not have proved the employment status conclusively, it went a long way towards proving that the income being shown as net wages was genuinely being paid to the individual.

[mcflurry]

I would imagine they would either call your HR department, ask for a wage slip, or look at your bank statement to see your salary payments...

[JustinP1]

mcflurry said:

I would imagine they would either call your HR department, ask for a wage slip, or look at your bank statement to see your salary payments...

Your HR department will tell them to bugger off!

I don't know about other companies but I would never divulge employee details to anyone without the written permission of the employee.

I suppose all they can do if they wanted to check they could tally up three months wage slips with bank statements.

Thus they will have proof that at least that amount of money goes in, and who from. Thats a lot more difficult to fake. For example, if you were skint and were looking to overinflate your earnings it would be unlikely you would be able to pay in the amounts claimed three times into your account before the application.

Of course, still technically possible to fake, but it would cut down on the 'chancers' a lot.