If you're in an industry where your company is dealing with other people's money and personal data, you likely want and need to know as much as possible about the integrity of your employees. Therefore, the background screening steps you take before hiring someone may be more stringent than in other industries. To that end, you will likely look for a background check company that offers reports specific to companies in the financial industry. Because of their cross-industry experience combined with support for finance companies, our pick for the 2018 Best Background Check Service for Finance Businesses is Justifacts.

What set Justifacts apart in our review is a demonstrated commitment to compliance and technology tools to assist customers. With 36 years of experience in background screening, Justifacts is accredited by the National Association of Professional Background Screeners (NAPBS). In addition, their In-house compliance department achieved NAPBS Advanced FCRA Certification. According to the NAPBS, "The content and exam focus on complex and cutting-edge Fair Credit Reporting Act (FCRA) compliance issues." Aaron Cotter, Justifacts' Sales Manager, explained that for them, certification sets a standard. He said that going through the process made them better as a company and they also pass the knowledge and expertise they gained onto their clients.

Access to the right information is also key. Cotter explained that they are committed to providing helpful tools to clients at no additional cost. In May they launched an updated web portal where clients cannot only view reports in real time but can also access Justifacts' new Individual Assessment Tool that helps clients with Equal Employment Opportunities Commission (EEOC) compliance.

Justifacts turn-around times as estimated on their website are pretty standard for the industry: 48-72 hours. Their pricing also aligns with many competitors. There is a one-time fee of $65 to cover some of the initial set-up costs and pricing for reports ranges from $15 to $35 per search. Justifacts does not offer report packages as they work with each client to determine the specific reports they need.  Through this approach, Cotter explains, they were able to make some adjustments to their processes to meet the unique needs of banking customers and save them money.

Per the website, for financial and insurance companies, Justifacts recommends these reports:

  • Criminal record searches

  • National Criminal Record Search (includes OFAC, OCC, FDIC & much more)

  • FINRA Broker Check, SEC Enforcement Actions & Litigation Releases

  • Social Security address confirmation

  • Employment confirmation

  • Education verification

  • Employment credit check

  • Bankruptcy check

  • Professional licenses

  • Drug testing

  • Motor vehicle record search

  • Sex offender search

However, Cotter claims, their sales team, whose average tenure is 10 years, has the experience to understand the type of data in each report, so they can help clients avoid adding searches that would generate duplicate information and increase costs.

Justifacts was also selected among the 13 Best Background Check Websites to Search for Reliable Info by Fundera, a small business financial services company. Their review of Justifacts states: "Each client is assigned an account manager to help personalize the screening process and interpret report results." Cotter also explained that in addition to the dedicated account manager, the customer is able to retain their relationship with their sales representative for additional support of their needs.

For information on other background screening services, read our "Best Background Check Service for Small Business 2018" report.



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