Financial Background Check

Understand your client's financial situation

Check your client's credit score

Have a Question?

Contact us to learn how Experian Connect can help with financial background checks.

Are you a Financial Planner or Tax Advisor that checks credit?

When developing a retirement strategy, estate plan or calculating tax payments it is beneficial to assess your client’s current financial status. Many family situations such as getting married or divorced, having children, and saving for college are all important times to check your client's credit.

Experian Connect makes it possible for you to request credit information on your clients, at no charge. After your clients purchase and grant you private access to their credit report and score, you can be assured you are seeing their information directly from the credit bureau and not from a fraudulent copy or print out.

Financial Planner & Tax Advisors - Check clients credit report and score

Secure credit checking for financial advisorsCredit Checking - Quickly View Credit Report and Score

Once you create an account on Experian Connect and have completed authentication, you can start inviting your clients to start sharing their financial credit report with you. After they complete authentication and accept your request, they will be able to:

  • Purchase and view their Experian credit profile
  • Grant you private access to their credit report and score for upto 30 days

You will be able to quickly check your client's credit report and score. This may eliminate manual paperwork and save you time – you may be able to make smart decisions faster.

 

 

Use an Experian credit report for Financial Planners and Tax Advisors

What is a credit report?

A credit report is a snapshot of your client's experience with credit-related accounts. Aside from some basic personal information, like their name and address to help identify their report, there are three main types of information on their credit report:

  • Public Records: Court-related information, including bankruptcies, state and county court records, tax liens, monetary judgments and, in some states, overdue child support payments.
  • Credit Inquiries: Names of businesses that have obtained a copy of your credit report, including lenders, credit card applications and personal loans.
  • Accounts: Payment history on all your real estate, installment, and revolving credit accounts.

What is a credit score?

A credit score is a number based on the information in your client's credit report. It is similar to a grade you would have received in school, but instead of right and wrong answers, their credit score is based on positive and negative credit history. Paying bills on time and using credit responsibly builds a positive history while paying bills late and being irresponsible with credit builds a negative history.

There are many different ways to calculate a credit score. Experian Connect uses the VantageScore® calculation with the Experian credit report. VantageScore was developed by the three national credit reporting companies — Experian, TransUnion and Equifax. Unlike other scoring systems, it is the most consistent score using only one model with one set of scoring calculations, resulting in scores that are more uniform and consistent.

How is the score determined?

Developers of credit scoring models review a selection of consumers — often more than one million. The historical credit profiles of these consumers are examined to identify common variables. The developers then build statistical models by selecting the credit variables most predictive of future behavior and assigning appropriate weights to each variable.

 

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