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I am a boss and will be employing someone shortly.
I will of course look at their previous jobs and get references from their previous employers which will of course throw any light on previous misdemeanours.
I anticipate that this system will be used in advance of job interviews, otherwise the current system operates fine. Therefore, the applicant will simply get a letter saying "sorry, not interested" and have no way of knowing that they are on a list somewhere.
When I left a previous job (working selling advertising for a local newspaper), a company who I had sold advertising to said that I had fabricated the order and that they weren't paying (it was a large order at the time). I hadn't left on good terms with my employer (as I was going to a competitor) and the next thing I knew was getting called into my new manager's office as they had received a bad reference which said that I had fabricated an order.
The company had not contacted me, just written the reference. Luckily, I knew the company who had lied about the order and it transpired that they were trying to get out of paying their bill and as they knew I had left, thought that they would try it on. Luckily, all was rectified, but could easily have been different (the business in question went down a few weeks later and therefore I would not have been able to go in there and find out what was going on).
If this list had been there at the time, i doubt I would have gotten an interview.