The Sub Prime Credit Thread - Part IV

never-in-doubt

In fact, if you want to cheat an application just PM me - lol..... makes life easier :rotfl::rotfl:







Joke!

ElkyElky

never-in-doubt wrote: »

Ok, if you're asking how to 'cheat' CIFAS - then yes, that is how to do it but every so often a lender will ask for proof and this will then be recorded with N Hunter and it is N Hunter that would catch you out. You need to have a very good paper trail, also too many increments would create a N Hunter flag as the norm is 2 increments per annum.

So whilst you can easily defraud and play the cifas system, the N Hunter system stops abuse!

The ONLY way to do it would be like this: (imagine this is an average year)

January - apply to a lender and declare employer and length of time = 2 years, salary = £12k

March - apply to a lender and declare employer and length of time = 2 years; 3 months, salary = £15k

July - apply to a lender and declare employer and length of time = 2 years; 7 months, salary = £21k

November - apply to a lender and declare employer and length of time = 2 years; 11 months, salary = £30k

The above would be an example of salary inflation and would be flagged by N Hunter on the July and November applications meaning you had 2 alerts (applicant refer markers).

If however, you went this way - you'd do better and get away with it!

January - apply to a lender and declare employer and length of time = 2 years, salary = £12k

March - apply to a lender and declare NEW employer and length of time = 3 months, salary = £15k

July - apply to a lender and declare same employer and length of time = 7 months, salary = £21k

November - apply to a lender and declare NEW employer and length of time = 4 months, salary = £30k

The above would work. In this case you're using the lack of employment stability to increase the salary element.

It seems like a flawed system. Since I was 18, I have never been asked by a credit card company to send them proof of my income. My bank has been the only one to ask for proof because I made the application face-to-face.

Even if you give yourself a payrise over a length of time, it does seem it would be pretty easy to get away with it.

But even if someone did do what you said, they would have to provide employers details, and theres that risk that they'll check up on the company or even ask you for your recent pay slips. If you're a student this year, and earning 30k in a full time job next year, surely they'll ask for some sort of proof?

never-in-doubt

ElkyElky wrote: »

It seems like a flawed system. Since I was 18, I have never been asked by a credit card company to send them proof of my income. My bank has been the only one to ask for proof because I made the application face-to-face.

Even if you give yourself a payrise over a length of time, it does seem it would be pretty easy to get away with it.

But even if someone did do what you said, they would have to provide employers details, and theres that risk that they'll check up on the company or even ask you for your recent pay slips. If you're a student this year, and earning 30k in a full time job next year, surely they'll ask for some sort of proof?

Who will ask for proof mate? The lender? Possibly, thus I keep saying it is relative mate! Obviously if you were a student then you'd not go in with an inflated salary that is unbelievable would you?

The employers details would be correct, i'm saying IF you wanted to inflate it NOW after giving a low starting figure, then you'd be better served adding a new employer, and new 'inflated' salary! ONLY the actual lender can do employer checks, and they never do cos employers would just tell them to go away, mortgages being the exception.

Zack1

never-in-doubt wrote: »

In fact, if you want to cheat an application just PM me - lol..... makes life easier :rotfl::rotfl:







Joke!

:rotfl:



I want Halifax to hurry up and confirm what they've decided! :mad: Saw that stupid advert on TV earlier, even more annoying given that are almost certainly going to decline me!

ElkyElky

If however, you went this way - you'd do better and get away with it!
January - apply to a lender and declare employer and length of time = 2 years, salary = £12k

I assume that would only work if you go 2 years without any sort of credit application? The dates would conflict with previous applications otherwise.

Who will ask for proof mate? The lender? Possibly, thus I keep saying it is relative mate! Obviously if you were a student then you'd not go in with an inflated salary that is unbelievable would you?

The employers details would be correct, i'm saying IF you wanted to inflate it NOW after giving a low starting figure, then you'd be better served adding a new employer, and new 'inflated' salary! ONLY the actual lender can do employer checks, and they never do cos employers would just tell them to go away, mortgages being the exception.

It wouldn't matter as such if they asked for proof. You just move onto the next lender and never contact them again.

I could select student on the application, and have a part time job so the income would be the student loan and wages?


*Disclaimer: I am not suggesting I have/will/am participating in illegal activities, to obtain credit by deception. I am merely educating myself into the system and how fraudsters can cheat it :j*

fairmorn308

never-in-doubt wrote: »

This is the difference from the refund v balance right? Remember I told you months ago that the refund will always clear any balance first and foremost. If this has been done and there is an outstanding rebate amount then simply write back, with a copy of that letter and ask for the cheque to be sent within 21 days. If they do not send it then start small claims action against them - you'll win as you have the proof that they should have paid you.

Why you refused the last cheque, beggars belief mate! :rolleyes:

its over a year ago that they 1st issued the cheque and i returned it cause was going for full amount.

Also they havent replied to 3 letters i have sent them since i 1st spoke to you about the matter.

Moneyclaims online ok to file a case againest them? thats who i used for the bank charges

never-in-doubt

ElkyElky wrote: »

I assume that would only work if you go 2 years without any sort of credit application? The dates would conflict with previous applications otherwise.

The 2yrs was an assumed date mate! It could read 1 day for all they care! :rotfl:

But yes, as I say you need a good memory to be a good liar! However, i'm not speaking students - i'm specifically referring to the possibility of cheating the system.

Ideally, if you know you're on a small wage then what you do is as follows:

1. Check the CRA for details of last application;
2. Start your employment from the day after the application
3. Wait a year
4. Make application using new employer, 1 year service and bump up salary

Then you just add maybe one or two increases each year to the new 'base' salary.

Scenario, plain english just for you mate!
I currently work for ABC Removals and have done for 5 years, I earn £17k. I last made a credit application in Nov 2007. The employer & salary details are actually correct at this point.

I decide my salary needs to be inflated so I can get a better credit card deal (limit) with 0% or whatever. I therefore apply to ABC Bank declaring I work for DEF Removals and state I earn £27k (+£10k increase), I state I started there 2 years ago. The employer & salary details are actually false at this point - this is a temporary measure only.

As a result of the above application, whether I got the account with ABC Bank or not, my record with N Hunter will be reflected.

I then, need to get my employment etc back to the original employer and so I wait a year and make a new application, this time to GHJ Bank and use the original correct employer, length or service 1 year and salary as £35k (+£8k to last declared one with old fictitious job).

So yes, it takes around 2 years to do it properly but you can see how it looks (and works) - basically i'm suggesting I left my original job for more money,stayed 2 years and left to go back to my original employer (new role though) as a manager/whatever on a lot more money.

It is plausible and realistic.


*Disclaimer: I am not suggesting I have/will/am participating in illegal activities, to obtain credit by deception. I am merely educating myself into the system and how fraudsters can cheat it :j

never-in-doubt

fairmorn308 wrote: »

its over a year ago that they 1st issued the cheque and i returned it cause was going for full amount.

Also they havent replied to 3 letters i have sent them since i 1st spoke to you about the matter.

Moneyclaims online ok to file a case againest them? thats who i used for the bank charges

Exactly mate, you will claim for the amount owing, plus interest at 8% on the amount owing plus the claim form costs. You would use the premise that they stated they would issue a cheque on XX Date which was never received. Don't dwell too much on the fact you had it and returned it, just state you never received the cheque.

ElkyElky

never-in-doubt wrote: »

The 2yrs was an assumed date mate! It could read 1 day for all they care! :rotfl:

.......

It's shocking to see how easy it is. A fraudster could have a massive credit limit with AMEX with a little patience.

I assume the police would be involved if this type of fraud was detected, perhaps because the fraudster slipped up somewhere along the line?

It should be compulsory for lenders to verify income and job status in every application to stop this type of fraud.

Cash_Flow

never-in-doubt wrote: »

Crappy One always use Equifax - they are tied into a joint service level agreement mate, there is more chance of their MD flying to the moon than them searching Experian mate.

I know we've been here before but why would they search away from their joint SLA? It makes no sense and this would be the first such case of them searching experian before equifax.... To be fair, just noticed you stated 04/2008 but even then, they primarily used Equifax.

I think you may be slightly mistaken matey - sorry, but they don't actually use Experian and only recently started to share data with them. Crappy1 have controlling interests, as do Barclays, in Equifax. :rolleyes:;)

I have just had another look @ my credit file and Cap One searched my credit file in Feb 2009.

I think you may be slightly mistaken matey with regards to cap one only having just started sharing data with experian as I can prove they have been sharing data for years;)