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Rule Britannia, Britannia rules the .. credit cards? Would you be surprised to hear that we lead the world the number of credit cards in circulation? There are around 74 million credit cards out there and outstanding balances add up to around 56bn.

Not everyone pays the same rate of interest. Rates charged by lenders vary and you can be charged a higher APR (annual percentage rate) than those advertised. Some people may find it difficult to find credit from any source and risk being turned down if they apply for a mortgage.

If youve been caught in this situation it would look as though youve been judged to be in the high risk category of would-be borrowers. When you apply for any form of credit, lenders check your borrowing (and repaying) record through one of the credit-reference agencies. A poor credit rating means youll struggle to arrange any form of finance.

The reason for this poor rating could be as simple as having had no credit in the past. Lenders would have no information to base their judgement on. It could also be down to a reluctance to settle debts or as a result of a criminal record. Its also possible that a lender has made some sort of error on your record, for which youre suffering.

Its possible to check your own credit file via a credit agency. It only costs around 2. An increasing number of people use this service on a regular basis. Recent reports of criminals stealing the identities of innocent people and running up debts are worrying and this self-check helps to confirm that alls well.

There isnt one single rating used by all lenders. The information contained in an individuals file is taken by each lender and they make their own assessment of how safe it would be to offer credit. They use a system in which they award points depending on your previous credit record and your current circumstances. Lenders place importance on different aspects some might take the stance that if you hold three credit cards, all up to date and with a minimal number of missed repayments, then you have built up sufficient debt to rate a negative mark. Others would consider that you have shown that you can handle the cards sensibly and reward you with a positive rating.

Credit agencies dont hold black lists of individuals. They simply give information to lenders for their own consideration.

Each application for credit leaves what they call a footprint on your file. This stays on for a year. Too many footprints wont be looked on favourably by lenders. To get round this problem it is possible that if you are making a tentative enquiry regarding a quotation, make certain that his is classed as a quotation search and not a credit application one. A quotation search will not be recorded on your file.

If, having checked out your records, you find a mistake has been made, it is important to contact the agency and inform them of the problem. They will make investigations and in the meantime will add a note to your file to show a dispute has been registered. You can also add a notice of correction of your own if you feel something has occurred which has created a misleading impression of your credit worthiness. A notice of disassociation can be placed on your file if a joint finance agreement has been made between yourself and a partner and you have subsequently split up.

By keeping a check on your records and taking fast action if a mistake appears, youll leave clear and sharp footprints behind.

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let us take a look at why this is so important for the overall functioning of a business:

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Information management has become more important than ever. It not only because of its value but also because of the legalities behind maintaining it. Creating and maintaining records of data, updating information, and ensuring data security. While enabling easy accessibility are some of the essentials of records management.

Data management is required for the successful functioning of a business. In fact, data management is vital for ensuring that organizational information is accurate, timely, complete, cost-effective, and accessible.High fidelitydata entryanddata processingis the primary foundation of successful data management. Failure in ensuring this can often lead to costly consequences for business in terms of service, ethics, and profitability.

As a responsible business, it must be your goal to ensure that your data is secure and you have an effective data management system in place.

Interesting Read:Top 15 Data Analytics Tools should use in 2020

Immediate Availability of Information:

The primary reason for managing data is the availability of information related to the business function, on-demand as per requirements. Data management is essential for a wide variety of important processes. Such processes as auditing, documentation, litigation, and strategic planning, amongst other things. The fast-paced business environment makes this necessary. For instance, for a medical practice, patient data record management. It is an important task to provide better and expedited patient care and improveservices.

Compliance:

It has now been mandated by law that companies should hold all their documents likefinancial papers, contracts, and other legal documents, for a certain period. When the accounting scandals of the late 20th century and early 21st century broke out. The first thing that the authorities noticed was that the documents were not in order. To make matters worse, the companies even destroyed these documents to evade prosecution. So parliaments passed acts that made it compulsory for companies to not only maintain records of these documents. Also, subject them to audits from time to time so that there is no chance of tampering. Additionally, if the business is involved in any litigation, files containing data have to be maintained for decades till a judgment is finally reached in court, and even subsequent to that.

Protection of Business Interests:

Another reason for attaching importance todata managementis the self- interest of the company. Modern-day organizations thrive on information. They use it to make significant decisions and draw conclusions that have far-reaching implications. As the existence of companies can stretch on for decades and even for more than a century, one can never predict when a long-forgotten, two-decade-old file would regain importance and would require retrieval. The next generation of employees who take over the company might one day need all the knowledge accumulated by their predecessors. Thus, managing documents carefully is essential for the functional and operational well-being of the company as well as for its long –term goals and development.

Keeping Up With Changing Times And Technological Advancements:

Companies are constantly upgrading their technology. AWord documentthat works perfectly fine today might stop working when the technology gets upgraded five years down the line to another platform. Hence, you need specialists to maintain the data and make sure that all the information is transferred seamlessly from one platform to another. After all, the company still has to work with that information; the employees might need it for their daily duties and your finance department would need the numbers to prepare benefits calculations and balance sheets.

Information is always valuable:

Technology companies have bulk volumes of data that they have accumulated over the years and which they have to maintain for a long time. Information concerning an application’s design, construction, modification, marketing, usage, strengths and weaknesses, patents, and technologies built on it, could prove to be extremely valuable at any point of time. Old designs that were casually discarded might suddenly acquire business potential and value in the future. Some design information may need to be transferred to a different format. If an idea has been patented, then the designs and diagrams have to be archived and stored for posterity. Researchers in the future might want to take a look at the preliminary designs of an application that was built four or five decades ago. Hence, this data has to be documented properly and made secure.

Enhances Efficiency by Saving Costs and Time:

Inadequate and improper data management can lead to a considerable loss of efficiency. Time spent looking for lost or misplaced documents and files can negatively impact productivity.

Data managementhas assumed significant importance for every aspect of abusiness and organizationsacross industry verticals. Every function from finance to compliance with technology to marketing needs effective data management for better operation. Therefore, companies all over the world appointoutsourcing experts to digitizeand maintain their records in an efficient manner.

Today, almost all companies demand background checks for their employees. But the question is why background checks are needed for the employees? The answer is simple. It gives employers a clear picture of whom they are working with. It has been estimated that around 40% of the resume contains false information. So, a Employee Background Screening helps employers to ensure that the employee is what he is claiming. Moreover, background verifications don’t always mean authenticating major information, but it also mean verifying petty information about the employees. For example- if someone claims that he has done MBA finance or he has graduated from a particular college then a background check can put a tick mark on the said information. These kinds of checks are basically done prior to or during employment.

The Background Verification typically includes a simple verification of the employee’s social security number to a detailed checking. Furthermore, it can include work history, credit, driving records, criminal records, vehicle registration, court records, compensation, bankruptcy, medical records, references, property ownership, drug test results, military records, and sex offender information.

It can involve a character check which has become a vital aspect in today’s scenario. A character check can typically involve speaking with personal acquaintances, including friends and neighbors. The extensiveness of a background check depends on the employer, company, and the job involved.

There are certain things that cannot be involved in a background check such as bankruptcies after 10 years, civil suits, civil judgments and records of arrest after 7 years, paid tax liens after 7 years, and accounts placed for collection after 7 years. Employers can only look into certain records with employees’ consent.

These checks can also help employers get rid of liability issues. If an employee has behavior issues, then the employer can take necessary action against the employee if required. It can also help employers get rid of liability issues. If an employee has behavior issues, then the employer can take necessary action against the employee if required. Here we provide you all with a few tips as to how you can get your employment background verification right.

For most extreme wellbeing and safety, the organization should have a reliable and reasonable policy for verifications that verifies the background of every candidate irrespective of the position they are applying for. There should be no inclinations or loosening up the standards for any applicant and the verification process must be done without any partiality.

While it is essential to lead business check forms on all up-and-comers with no sort of discrimination, it is additionally critical to comprehend that one size doesn’t constantly fit all. Subsequently, it is foremost that work foundation confirmation bundles be custom-made to fit each activity position. The higher the hazard or the more significant the position, the more careful and stringent the personal investigation ought to be.

While searching for Background Screening Companies, look or agencies which have ISO mark. Having an ISO in your background verification companies in India means, they keep the quality and data security norms in leading representative screening administrations for your organization and in particular, agree to information security. In addition, pick sellers who have area aptitude in background confirmation alone, as opposed to the individuals who offer plenty of administrations without having some expertise in anything.

On the off chance that you discover anything in the business foundation check results that may influence the applicant’s capability for the activity position, try to make important move. Don’t simply direct record verifications only for it. Continuously finish relieving dangers for your company.

There are different laws for different kinds of verifications. For example, the Fair Credit Reporting Act (FCRA) can enable you to discover which background check administrations you can include with regard to data on an applicant’s credit. Choose the law according to the requirement and get your verification done in the right manner.

Whatever the consequence of your business check might be, consistently be straightforward about it with the candidates. You need to advise them about your discoveries, and if there is anything flawed, offer them a chance to clarify and legitimize themselves. One must guarantee that the foundation confirmation procedure is a success win for both the business and the worker and the experience is consistent for both the gatherings.