4 Verification Tools To Use That Can Help Make Your Business Better
4 Verification Tools To Use That Can Help Make Your Business Better: Mountains of paperwork can make almost any job a nightmare. In many roles, a new hire can spend their whole first day filling out form after form. If you work in an industry like HR, banking, or real estate, paperwork might literally take up most of your career. You need to know whether it’s a good choice to hire a candidate, loan out funds, or accept a tenant. But getting the right information can mean processing huge stacks of handwritten personal information.
Thankfully, many software solutions exist to ease some of the burden. Verification tools, in particular, can help streamline formerly lengthy screening procedures. The more your employees can do electronically, the freer they are to handle more pressing daily tasks. A number of platforms can assist with confirming everything from income to documented worker status. Here are a few types of programs that can help, and how they can be used by different businesses.
Table of Contents
1. Income Verification
Various industries need to verify clients’ or candidates’ income before making certain decisions. Banks and lenders use income verification to decide whether or not to grant loans. Landlords and rental companies may verify income before approving or denying rental arrangements. Government agencies need to look at individuals’ income in order to grant aid or health insurance. Colleges and universities also check income before awarding certain scholarships.
Third-party income verification solutions can help make this process more efficient. These programs can provide a secure platform for submitting documentation online. Many can analyze documents like pay stubs and tax returns to help assess and mitigate risk. Some can also work with payroll processors and gig economy applications to verify data almost instantaneously. They may also coordinate direct outreach to employers who aren’t integrated with their platform.
2. Background Checks and Pre-Hire Checks
Verification software is also useful for conducting background checks and pre-hire screenings, also called pre-employment screenings. These terms are sometimes used interchangeably, but they’re actually a little different. A pre-employment screening is typically used to confirm employment, education, and licensure or credential information supplied by a candidate. It can also include a health assessment and/or drug testing. For certain positions, it could include a polygraph test or knowledge and skills assessments.
A background check usually refers to a comprehensive screening of a person’s identity and, if applicable, criminal history. A background check will turn up arrests and warrants, court records, driving violations, and occasionally credit history. It could also reveal court cases in which the individual has been involved, including civil and bankruptcy cases. Background checks also determine whether an individual is a registered sex offender. Background checks can be part of a pre-employment screening or used for rental and loan applications, security clearances, and more.
3. Credit Check
A credit check is typically used to assess whether or not an individual or business is likely to pay off a debt. A credit check generates a credit report, which is used to determine the individual’s 3-digit FICO credit score. But a credit report contains much more information than the score alone. It includes bill payment history, any current unpaid debt, new credit applications, any foreclosures or bankruptcies, and more. Each credit reporting agency (aka credit bureau) uses a different calculation to determine credit scores.
Credit verification software uses the information in a report to calculate the risk of an individual defaulting on a debt. Like income verification tools, credit verification software can be useful as part of a rental or loan application process. Some lenders that provide funding to small businesses even conduct credit checks on their founders or CEOs. The credit verification process can be vulnerable to data breaches, so it’s important to choose providers and platforms you trust.
4. Eligibility to Work in a Given Country
Verification software can be used to determine if someone is eligible to work in a given country. The U.S. government’s E-Verify program is an example of this type of software. Prior to employment, an individual fills out an I-9 form with their personal information. Then, E-Verify cross-checks this information against records from the Social Security Administration and U.S. Department of Homeland Security. If the individual does not pass this eligibility verification, they cannot legally work in the U.S.
There are also special software programs that help keep track of I-9 compliance within an organization. This is important, since employers can be fined heavily for I-9 errors or non-compliance. Some software solutions allow individuals to fill out their I-9s online, instead of on paper. Other solutions are specifically designed to assess the eligibility of remote workers. Some of these programs also make it easier to forward records to government agencies, if requested.
Protecting Sensitive Data
All of these solutions make it much faster and simpler to confirm the accuracy and truthfulness of information. But one downside is that it can be risky to store sensitive personal and financial data electronically. If you use verification tools for your business, be sure to only work with reputable platforms and providers. It’s also crucial that account and password information only be shared with employees or individuals who truly need access. Your applicants and candidates are trusting you with their private data, so it’s your responsibility to keep them safe.
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