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  • FIRST POST
    sarmia
    Money Laundering & CIFAs showing on my credit report???
    • #1
    • 21st Jun 07, 3:08 PM
    Money Laundering & CIFAs showing on my credit report??? 21st Jun 07 at 3:08 PM
    I decided to buy my credit report to check that everything was ok.

    Under previous searches it has one from Abbey saying money laundering. I have 2 savings accounts with them and have just opened a bank account too, have they been checking that i'm laundering money????

    Also under the CIFAS, UK's Fraud Prevention Service Registered Alerts, it has 1 under previous and has my old address listed with the name off the partner of the man who bought it off us with Fraud catergory number 4 - application fraud - northern rock and a case number?? Does anyone know what this mean, and why is it on my credit report. My credit rating is 501 is this good?? or has this affected it!

    Sorry to sound a bit thick but not sure whats going on!

    Thanks
Page 1
  • Yant1
    • #2
    • 21st Jun 07, 3:29 PM
    • #2
    • 21st Jun 07, 3:29 PM
    Doesnt sound good at all I hope you dont need credit any time soon.

    Sounds like somebodys tryed to scam a credit card after moving in after you. Aint got a clue what teh money laudering is about, i guess it must be a mistake, give them a ring ask them what its about and ask them to take it off as its BS.
  • sarmia
    • #3
    • 21st Jun 07, 3:46 PM
    • #3
    • 21st Jun 07, 3:46 PM
    oh bloody great
  • sarmia
    • #4
    • 21st Jun 07, 3:58 PM
    • #4
    • 21st Jun 07, 3:58 PM
    no not me thank god! lady who bought the house off us has been a victim of identity fraud. Anyone any ideas on the money laundering????
    • YorkshireBoy
    • By YorkshireBoy 21st Jun 07, 3:58 PM
    • 27,189 Posts
    • 15,201 Thanks
    YorkshireBoy
    • #5
    • 21st Jun 07, 3:58 PM
    • #5
    • 21st Jun 07, 3:58 PM
    Firstly, I wouldn't worry about the money laundering searches. They're standard searches for savings accounts and other general financial products. Along with 'ID Verification', and 'ID Generic' searches, they're classed as unrecorded enquiries and as such are not seen by other lenders when they search your file. For official confirmation, read the Experian booklet "Your credit report explained" (free download from their site or sent with your £2 statutory credit report).

    Re the CIFAS marker, many of these are placed on your file for your own safety so shouldn't affect future applications.

    According to the CIFAS website, category 4 is "Application Fraud Facility Refused". Further reading at http://www.cifas.org.uk
  • Yant1
    • #6
    • 21st Jun 07, 4:41 PM
    • #6
    • 21st Jun 07, 4:41 PM
    A lot of banks refuse you credit if your CIFAS registered (even though they are simply meant to just check the ID alot better). It stays on for one year.

    I guess the money laundering thing is a non entity then
    • dunstonh
    • By dunstonh 21st Jun 07, 4:44 PM
    • 82,249 Posts
    • 47,354 Thanks
    dunstonh
    • #7
    • 21st Jun 07, 4:44 PM
    • #7
    • 21st Jun 07, 4:44 PM
    Electronic money laundering checks are nothing to worry about. I do them all the time. It saves having to get the individual to supply traditional ID, such as passport, driving licence etc. It also checks for ID fraud and other potential issues.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • Potsworth
    • #8
    • 10th Jul 07, 10:40 AM
    Cifas Report On File But Need Bank Account
    • #8
    • 10th Jul 07, 10:40 AM
    Hi,

    I have had a CIFAS marker put on my file from YBS. There was a discrepancy with the amount of commission I earned when applying for mortgage, my employer said different to what I put on my application. Anyway I've complained but looks like it's going to stay on till January '08.

    I've also got into a bit of trouble with money I owe and need to enter into an IVA. I need another bank account for this as I bank with one of my creditors and have to change banks to do an IVA.

    I seem to be getting rejected from most banks and I'm presuming it's because of this CIFAS thing.

    Does anyone know of anywhere that will open a bank account for me with a CIFAS on my file.

    I would really appreciate any advice. I'm desperate and at a very loose end ....
  • worldentropy
    • #9
    • 11th Jul 07, 3:49 PM
    Cifas
    • #9
    • 11th Jul 07, 3:49 PM
    Hi Potsworth,

    Without going into my usual rant about CIFAS ..

    You have two options: 1) wait for one year (14 months actually) for the warning to expire, then apply; 2) apply for a basic current account with the Alliance & Leicester, but be ware: they are murderers with bank charges.

    In both cases, you can only get a basic bank account because of your IVA. It will haunt you for the next 6 years, and that means 6 years without a fully-fledged bank account, but there are ways.

    I'd also advice you to get a credit card from Vanquis or similar once the CIFAS has lapsed. Capital 1 will also give you a card, provided no defaults/ccjs/ivas ...etc are registered by them and no CIFAS flag. Strictly spend 25% of your credit limit every month, and pay it off at the end of the month. 6 months of this behaviour with Capital 1, for example, will improve your score and you will be offered a higher credit limit.

    As to CIFAS, I am trying to gather enough momentum here and on another forum to take them to court and sue them over a number of DPA and criminal offences.

    If you are interested in adding your voice, the link to vote is here.

    Finally, because of the crooked way CIFAS has been allowed to operate, there is NO WAY I know of that will force them or their subscribers to scrub a warning flag .. it is entirely at the member's discretion and in 9.9 times out of 10 they'll simply tell you to jump ..

    Long live Big Brother ..
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